Barclays operations in Nigeria officially announced its change of name to Absa, in line with parent company Absa Group’s strategic plans on the continent.
Notably, Barclays Stockbrokers Nigeria Limited has been renamed to Absa Securities Nigeria Limited, and Barclays Securities Nigeria Limited is now known as Absa Capital Markets Nigeria Limited.
The change comes after parent company Barclays Africa Group was renamed to Absa Group in July 2018, as part of its separation from UK-headquartered Barclays Plc.
In a statement by the firm, the move would allow the companies embark on a new era as a standalone African banking group with global scalability.
Part of the Absa Group’s separation agreement with Barclays Plc was to “remove the Barclays brand from all assets by mid-2020 at the latest. The change in name and brand for the Group’s Nigerian operations is thus well ahead of schedule.”
According to the Co-Head of Investment Banking of Absa Nigeria, Feyi Olusanya, said “Nigeria is one of the first countries outside of South Africa to change to the Absa brand, and we are excited to break new ground under our new brand. The new brand is an expression of the Group’s new identity as a forward-looking bank in a digital era and will bring refreshed energy and optimism to our local operations.
Other Barclays-branded assets in other markets across the continent would change to Absa at a later date to be announced later, the statement.
“Products and service functionality will not be affected by the re-brand, although the visual look and feel will change, and customers are urged to be vigilant about potential fraud. The continent-wide rebranding from Barclays to Absa is considered one of Africa’s most ambitious rebranding programmes, with offices, stationery, signage, branches, digital interfaces, and so much more requiring change across 12 markets.
In addition, “As Absa, the Group announced a new growth strategy in March 2018, prioritising cultural transformation, restoring the Group’s leadership position in core business areas, and developing pioneering propositions for customers and clients. The strategy is expected to double Absa’s share of bank revenues in Africa, with Nigeria a market of interest to the Group”.
Absa has been present in Nigeria since 2010 and provides investment banking, securities trading and global markets products through its Nigerian licensed subsidiaries.