Barclays, which has been in Kenya for 103 years has officially now transformed to Absa Group the culmination of a three-year journey of transition following the divestiture of Barclays PLC majority shareholding in the Barclays Africa Group.
Barclays remains as the largest shareholder in Absa which is present in 12 African countries, has 40,000 employees, and listed on the Johannesburg Stock Exchange. The transition to Absa across Africa has seen the migration of hundreds of Barclays technology systems that were run from the UK to the continent, mainly in South Africa and Kenya. Absa Group now had a reprobative office in London with another soon in New York.
Absa owns 68.5% of Absa Bank Kenya PLC which is currently the fourth-largest bank in the country by assets. Absa Kenya, which is listed on the Nairobi Securities Exchange, has 63,000 shareholders who approved the name change to Absa at their AGM in May 2018.
The one-off cost of the Absa Kenya rebranding is being spread out over two years and through September 2019, had cost the bank Kshs 910 million. All 86 branches in 38 counties across Kenya are being rebranded in the new Absa bold red colours. This past weekend, the bank transitioned several customer channels, including internet banking, social media, mobile banking, SMS, and point of sale systems to reflect the Absa brand.
Barclays Life Assurance has also officially changed to Absa Life Assurance Kenya. It is ranked third, with a 10% share of the group life insurance market in the country.