Shareholders of Barclays Bank of Kenya have today approved the company’s planned change of name to Absa over the next two years.
The shareholders voted in support of the proposed name change during the company’s 50th Annual General Meeting held in Nairobi, setting in motion one of the biggest rebranding projects in the country’s financial services sector.
“The approval by our shareholders marks a key milestone in our separation from Barclays Plc and our transition into an independent African bank with a global reach. At Barclays Kenya, it is an exciting opportunity for us to build on our rich legacy and create a truly Kenyan business with renewed commitment to bring possibilities to life,” said Charles Muchene, Chairman of Barclays Bank of Kenya.
The approval by Barclays Kenya shareholders comes just a week after shareholders of the parent company -Barclays Africa Group Limited- gave the go-ahead for the Group to change its name from Barclays Africa to Absa Group in July this year.
Following the shareholder approval, Barclays Kenya has until June 2020 to unveil its new brand in the market, subject to regulatory approval. This is in line with the separation agreement between Barclays PLC and Barclays Africa Group Limited which allows the use Barclays brand in the market until 2020.
“The approval by our shareholders marks a key milestone in our separation from Barclays Plc and our transition into an independent African bank with a global reach. The process will be carefully managed and will align with all shareholder and regulatory requirements to ensure it is a seamless transition for all our stakeholders. Our new identity will bring with it a heightened level of customer-obsession; a determination to be more digitally-led and take advantage of the opportunities that this market presents,” said Jeremy Awori, Managing Director, Barclays Bank of Kenya.
