BARCLAYS AFRICA GROUP SET TO REBRAND TO ABSA

According to the arrangement the Barclays brand may only be used in the rest of Africa up to June 6, 2020, provided Barclays Africa Group announces the intention to change its name on or before June 6, 2018.

Barclays Africa Group is seeking regulatory approval to change its name to Absa Group.

The move comes after Barclays PLC divested from Barclays Africa and is part of the separation arrangement.

According to the arrangement the Barclays brand may only be used in the rest of Africa up to June 6, 2020, provided Barclays Africa Group announces the intention to change its name on or before June 6, 2018.

The name change will be effective from the date set out in the amended registration certificate issued by the Companies and Intellectual Property Commission as contemplated in section 16(9) of the Companies Act.

“A special resolution to this effect will be included in the notice of annual general meeting (AGM) to be issued to shareholders of Barclays Africa Group on 29 March 2018 for the meeting on 15 May 2018,” a statement from Barclays Africa says.

Barclays PLC announced on March 1, 2016 that it intended, over a two to three year period, to reduce its shareholding in Barclays Africa.

On May 5, 2016, Barclays PLC sold 103.6 million shares in Barclays Africa, reducing its shareholding to 50.1 percent.

In June 2017, Barclays PLC sold 187 million ordinary shares in Barclays Africa Group, which represents approximately 22 percent of Barclays Africa’s issued share capital reducing its shareholding in Barclays Africa to below 50 percent.

Barclays Africa operates in 12 countries with approximately 40 thousand employees, serving close to 12 million customers.

The Group registered head office is in Johannesburg, South Africa and owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, and, Tanzania (Barclays Bank Tanzania and National Bank of Commerce).