Barclays Africa set to rebrand to ABSA after separating from UK-based Barclays PLC

The name change will be effective from 30 May 2018.

The lender made the announcement on Thursday morning adding that the name change will be effective from 30 May 2018.

The rebranding process brings to an end a 3-year Process that saw the UK based Barclays Bank reduce its holding in Barclays Africa.

In May, Barclays sold its 62 per cent stake in its South African unit and has given itself up to 2019 to complete the sale of its 14.9 percent stake.

Barclays Africa CEO Maria Ramos said the Bank's new corporate identity is in line with its new strategy of doubling its market share in Africa to 12%.

“Our overriding goal is to become a banking group of which Africa can be proud...We have a clear and undiluted ambition to double our market share of African banking revenues to 12%. It is a bold plan for growth. Growth has to be an essential part of our DNA, the driver behind our every action," Maria said in a statement.

As an independent and stand-alone business, Ms Ramos says that ''Barclays Africa will have the agility, the means and the risk appetite to strive for growth''.

Barclays Africa operates in 12 countries with approximately 40 thousand employees, serving close to 12 million customers.

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