Home Business Barclays Ghana Now Absa Bank

Barclays Ghana Now Absa Bank

BARCLAYS BANK Ghana yesterday officially rebranded to Absa Bank Ghana Limited after receiving all the required regulatory approvals from the Bank of Ghana (BoG).

The bank joined its sister institutions in Botswana, Kenya, Mauritius, Seychelles, Tanzania and Zambia which operated under the Barclays brand for the renaming exercise. 

Abena Osei-Poku, Managing Director of Absa Bank Ghana Limited, noted, “Today, we begin a new chapter as Absa Bank Ghana Limited, while we retain our 100-year heritage of indelible commitment to Ghana’s economic growth. Our new brand demonstrates our commitment to building a bank that is centred on growth for our people through the provision of financial resources, services and opportunities that connect their dreams to possibilities.”

According to her, the change to Absa will not cause any change in customers account details because the bank’s branches will continue to operate as usual. She added that Barclays branded cards would continue to work normally until their date of expiry. Customers can also continue to use their Barclays cheque books until August 10, 2020, after which only cheques drawn on an Absa cheque book will be accepted.

In March 2016 Barclays announced it would reduce its ownership of Barclays Africa Group, now Absa Group, from 62.3 per cent to a minority shareholding, after a while.

This was after global bank regulations were tightened following the 2008 financial crisis, which made it less attractive for international banks to own stakes in banks abroad.

In December 2017, Barclays concluded the sell-down, leaving the UK company with a 14.9 per cent stake in Absa. 

In July 2018, Barclays Africa Group rebranded to become Absa Group Limited.

Vice President Dr Mahamudu Bawumia and Dr Ernest Addison, Governor of the BoG, graced the occasion, which marks the start of a new era for the bank’s operations as a forward-looking African bank with global reach.

Absa Group Limited is one of the top 40 companies listed on the Johannesburg Stock Exchange.