Robinah Mukasa, the Barclays bank Uganda Spokesperson told URN they were going ahead to change all their branches to Absa. After the branding is complete, it will cease using the name Barclays and instead use Absa.
Lugogo branch has been the first to see name and colour change
Barclays Bank Uganda has started pulling down old Barclays branding, changing colors and name to Absa. The
bank’s branch at Lugogo has already seen the blue color ditched and re-branded
with maroon and red colors.
Robinah Mukasa, the Barclays bank Uganda Spokesperson told
URN that they were going ahead to change all their branches and will cease using the name Barclays after the
branding is completed.
Absa stands for Amalgamated Banks of South Africa, the name
that all Barclays Africa Group subsidiaries will adopt as the bank divorces
from its parent company Barclays Plc, London.
Barclays Africa businesses in Uganda, Kenya, Ghana,
Mauritius, Mozambique, Seychelles, Tanzania and Zambia, will have to change to
a new identity by 2020.
It is expected by next year to have changed all its branches
and ATMs to a new identity. The changes were approved by Bank of Uganda and
parent the Reserve Bank of South Africa.
The process has been on since 2016, when Barclays PLC
announced that it intended over a two to three-year period to reduce its
shareholding in Barclays Africa Group Ltd. It sold majority of its shares from 62.3 per cent to only 14.9 per cent of the Africa business.
This meant Barclays Africa could not continue to use the
brand and name of Barclays PLC since it was no longer the majority owner. Barclays PLC contributed £765m to foot the separation costs
and help Barclays Africa establish its new brand.