In 2016, the UK controlling shareholder of Barclays Africa Group, Barclays Plc, announced that it wanted to sell its 62% stake of its African banks
Barclays Africa is no more after its banks in seven African countries — Botswana, Ghana, Kenya, Mauritius, Seychelles, Tanzania and Zambia — were rebranded Absa on Monday., which included Absa SA and banks in 11 other countries in Africa.was completed by the end of 2017 leaving Barclays Plc with a minority 16.5% shareholding.
On Monday, the name changes came into legal effect across the continent which Absa called a “substantial milestone” in the three-year process to take over from UK Barclays. “More than a name change, this is a milestone that brings us closer to realising our ambition as a leading African bank to support growth and development on the continent and beyond,” Absa group CEO Daniel Mminele.“Today, we as the Absa Group, reaffirm our commitment to contributing to growth and economic development in Africa.
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