Barclays Bank of Kenya has legally and officially begun trading as Absa Bank Kenya PLC. The change will also see the lender’s stock trade as Absa at the Nairobi Securities Exchange (NSE) after receiving all the relevant regulatory approvals.
This is happening as the lender nears the end of its transition and rebranding process. In a statement sent out to stockbrokers, Central Depository and Settlement Corporation (CDSC) instructed brokers to fast-track settlement of Thursday’s trade, often known as trade acceleration.
Barclays Bank halted trading on Friday to allow settlement of previous activities. The stock will resume trading as Absa today 10th February 2020.
The bank is changing its corporate identity, logo and brand name to Absa Bank Kenya. As at end of November 2019, the transformation process was 90 per cent complete.
Absa Group Limited is listed on the Johannesburg Stock Exchange (JSE) and is one of Africa’s largest financial services provider. The lender is present in 12 countries across the continent.
Absa owns majority stakes in banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania (Barclays Bank in Tanzania and National Bank of Commerce), Uganda and Zambia.
The Group also has representative offices in Namibia and Nigeria, as well as insurance operations in Botswana, Kenya, Mozambique, South Africa, Tanzania and Zambia.
The bank also has an international presence in London operating as Absa Securities UK and is pursuing a corporate strategy to procure licenses in the USA.
Barclays Africa Group Ltd changed its name to Absa Group after Barclays Plc sold its majority shareholding in Barclays Africa Group and became a minority shareholder.
It is thus a race against time for Barclays Bank Kenya to complete the rebranding and transition process before June 2020.
“The process will be carefully managed and will align with all shareholder and regulatory requirements to ensure it is a seamless transition for all our stakeholders,” said Mr. Jeremy Awori, Managing Director, Barclays Bank of Kenya.
https://kenyanwallstreet.com/barclays-starts-trading-as-absa-at-nse/
