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Absa Completes Separation From Barclays, Vows To Offer Competitive Products That Will Shake Sector

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

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 5 June 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,” says Mumba Kalifungwa (pictured), MD of Absa Bank Uganda.

“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, benefitting both employees and customers alike.

Absa Regional Operations (ARO) 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. However, considering recent events and the prevailing economic environment, as a near-term focus, our strategy has been adjusted to ensure we 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.”

Matlare states that going forward, the bank will continue to execute on its growth strategy; enhancing operational efficiencies and pushing digital boundaries, “As a modern, future-forward African banking group, a key pillar in our strategy is finding scalable solutions and platforms that continue to meet the evolving needs of our customers. As the accelerated use of technology continues, investing in digital banking services will remain a key priority for us as a business.”

Kalifungwa adds, “We have a long legacy and have been an integral part of Uganda’s economic development. We will continue to drive relevant initiatives and partner in crucial growth sectors. We can now build on the ambitious strategy that we’ve created, and enhance our ability to lead the sector. We believe that this can be achieved by offering competitive products, excellent service and a truly African experience.”

Taddewo William Senyonyi
William is a seasoned business and finance journalist. He is also an agripreneur and a coffee enthusiast.

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