Barclays Bank Uganda to keep name until 2020

July 12, 2018 in Companies, Finance, Financial Services by Editor

 

July 12, 2018— Rakesh Jha, Barclays Bank Uganda managing director, has clarified that the bank will not immediately change its name to Absa, but will continue to do business as Barclays until mid-2020 when all subsidiaries will be required to rebrand.

This follows Barclays Plc becoming a minority shareholder in Barclays Africa Group, now controlled by South Africa’s Absa Group, after reducing its stake from just over 60 pc to less than 15 pc during the past two years.

“For now, we will continue to operate and trade in Uganda. We have until mid- 2020 to rebrand our Barclays operations,” Jha told a media briefing on Wednesday.

However, he said there will be little or no change in all bank services and customers will continue using the same account numbers and ATM cards.

He said only the parent company will change its name while the banks in Botswana, Ghana, Kenya, Tanzania, Uganda, Zambia, Seychelles, Mozambique and Mauritius and other Absa Group Limited subsidiaries will continue to operate under their current names.