Effective from 10th February 2020 Barclays Bank of Kenya ceased to exist at least on paper.
Barclays Bank of Kenya has officially changed its name to Absa Bank Kenya PLC, a year and a half after Absa Group bought a controlling stake at the bank’s parent company Barclay Africa, prompting the name change. In 2018, London-based Barclays Plc sold most of its shares in Barclays Africa and exited the continent after more than a century of the British bank’s involvement in Africa.
In a public announcement released by the company, the firm noted that it had obtained all the requisite shareholder and regulatory approvals about the brand and name change.
“The bank will commence trading with effect from 10th February 2020 as Absa Bank Kenya PLC. All contractual relationships and obligations that the bank has with its customers, partners, and other stakeholders are not affected by the change of its name,” part of the statement indicated.
The newly rebranded bank has also kicked off trading activities at the Nairobi Securities exchange under the new name, following a go ahead by the Capital Markets Authority.
On Monday, most of the bank’s branches around the country had revamped their brand features, to include a new corporate identity, logo and brand name.
The successful rebrand, means the company has beaten its June 2020 deadline, which it had set for rebranding all its Kenyan branches.
Absa Group is currently present in 12 countries in Africa.
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