Wednesday, March 20, 2019 UTC

AGF Magazine - March 2019 issue

  • We focus on fixed income opportunities in both public and private markets. Read on to find in which fixed income instruments and in which African markets to invest on pp. 10-11. In addition, Ashley Benatar of Ashburton Investments shares his views on benefits and risks of investing in mezzanine debt on p.22.
  • We speak with Jérémie Ceyrac, Head of Equity, Responsible Investments at Proparco to learn more about the French development institution, financial products on offer, recent investments in Africa and African impact investment scene (pp. 13-15).
  • This month’s market feature focuses on Nigeria. Sven Richter, Fund Manager, Drakens Capital, writes about his recent trip to the West African country and his observations. “While Nigeria is attractive as an investment destination, the GDP growth is a disappointment for a county that we expect to be one of the leaders in Africa,” he says (pp. 16-17).
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News > Funds > Markets and Industry News

Barclays Africa Group shareholders approve name change

Africa Global Funds
June 19, 2018, 10:34 p.m.
581

Word count: 293

Barclays Africa Group shareholders have approved that the group changes its name to Absa Group in July, setting in motion the start of one of the largest re-brand projects in Africa at this time.

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Barclays Africa Group shareholders have approved that the group changes its name to Absa Group in July, setting in motion the start of one of the largest re-brand projects in Africa at this time.

“The vote in support of our name change in July marks another milestone in our separation from Barclays PLC to become an independent African bank with global reach,” said Wendy Lucas-Bull, Chairman of Barclays Africa Group. 

“This is the start of a brand journey that will galvanise our operations across Africa behind a single brand and purpose.”

As part of the process, the new name must be registered by South Africa’s Companies and Intellectual Property Commission. 

The name change is expected be effective on July 11, 2018. 

The group’s share code on the Johannesburg Stock Exchange (JSE) will change from BGA to ABG on July 11.

The group name change will not affect functionality of Absa or Barclays products and services in Africa.

The group’s Barclays-branded banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, Tanzania, Uganda and Zambia will continue to trade as ‘Barclays’ even after the group name changes to Absa in July. 

The Barclays-branded banks in these countries will be rebranded at a later stage, subject to regulatory approvals in those market

Following the sell-down by Barclays PLC of its majority shareholding in Barclays Africa Group to a minority position in 2017, the two companies are separating. 

As part of the separation agreement, Barclays Africa Group will cease using the Barclays brand in Africa in 2020.

“We will in the future have a brand that is reflective of our African identity – this as an enormous opportunity as we create a banking group that Africa will be proud of,” Lucas-Bull said.
 

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