Kampala, Uganda | THE INDEPENDENT | Barclays bank Uganda has started pulling down its old company 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 and name changed from Barclays to Absa.
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.
Absa is the name that all Barclays Africa Group subsidiaries will adopt as the bank divorces from its parent company Barclays Plc, London.
Absa is majorly known in South Africa where it has been used for long.
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% to only 14.9% 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.