Absa has overhauled its look and mission and changed its name as the bank enters a new Afro-centric era.
Absa has overhauled its look and mission and changed its name as the bank enters a new Afro-centric era.
Shareholders approved the name change to Absa Group Limited as part of the company's rebranding after British parent bank Barclays PLC reduced its stake to 14,9 percent in 2017.
The group started trading under its new name and new share code (ABG) on the JSE on Wednesday. Absa said in a statement that the name change marks the start of a new era for the group as a stand-alone African group with a new brand design for a forward-looking business in a digital age.
“Our new name and brand are an expression of our new purpose and strategic direction, which commits us to grow in Africa,” Absa Group Limited CEO Maria Ramos said.
“We are rallying around a shared sense of purpose and identity, while celebrating our diversity,” she said.
The bank’s new purpose statement is “bringing your possibilities to life”.
“This ethos will be the driving force that will define the new Absa, continually inspiring a desired culture that creates opportunities for our customers to make ‘what is possible’ real.”
“The new Absa aspires to be an entrepreneurial African banking group with global reach. One that makes a real and lasting contribution to our customers and the societies we operate in,” the bank said.
The new Absa group has a presence in 12 African countries and plans to open international offices in the UK and the USA.
The brand has substantial equity – Absa was named the fourth most valuable brand, with an estimated value of R1,9 billion, or about $1,5 billion, in South Africa by global brand valuation and strategy consultancy Brand Finance this year.
