October 7, 2022

Business Detect

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Absa finally celebrates its separation from Barclays

2 min read

As a unified African brand, we have never been more ready to become a self-sufficient bank of the future,” said Mumba Kalifungwa, the managing director of Absa Bank Uganda

On June 08, Absa Bank Uganda’s parent company, Absa Group Limited announced the substantial completion of critical projects on its separation journey.

The Bank said in a notice dated June 08 that, following Barclays PLC’s decision to sell down its controlling stake in Barclays Africa Group Limited in 2016, the bank was permitted to continue using the Barclays brand during the June 2017 to June 2020 transition period.

The banking group marked the end of this component of the Separation journey on June 05, 2020 with the official name change to Absa in Uganda in November 2019 and across all Absa Group subsidiaries on the continent earlier this year.

“As a unified African brand, we have never been more ready to become a self-sufficient bank of the future,” said Mumba Kalifungwa, the managing director of Absa Bank Uganda.

He added: “We are now able to own and control our processes and infrastructure, upgrading systems and propositions that better serve our customers in Uganda. What’s more, the initiatives undertaken have fundamentally improved Absa’s resilience and capabilities, benefiting both employees and customers alike.”

The Regional Operations Chief Executive, Peter Matlare said this critical milestone, which was delivered on time and on budget is so much more than just a name change.

“We now have an opportunity to create and sustain valuable partnerships that allow us and our stakeholders to thrive,” he said.

He added that considering recent events and the prevailing economic environment, as a near-term focus, their strategy has been adjusted to ensure they also prioritise capital preservation and remain liquid.

“Rebranding under Absa in 12 African countries has united us under a single brand, identity, purpose and strategy,” he said.

Matlare said that going forward, the bank will continue to execute on its growth strategy; enhancing operational efficiencies and pushing digital boundaries.

Independent.

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