Absa has been granted banking licence to operate in the country after the sell-down by Barclays PLC of its majority shareholding in Barclays Africa Group to a minority position in 2017.
The banking licence has been issued by the governor of Bank of Uganda, Prof Emmanuel Tumusiime Mutebile.
“The Central Bank of Uganda is pleased to confirm that effective today, what was previously known as Barclays Bank Uganda will become Absa Bank Uganda” said the Governor, Central Bank of Uganda.
Absa Uganda Interim Managing Director Mr. Nazim Mahmood flanked by Absa Executives, assured customers that this name change would not affect their current accounts and services offered by Absa Uganda.
“We would like to reassure our customers and the public that there will be no change in terms of account details and that they can expect nothing but the best in terms of products and services,” Nazim Mahmood, Absa Uganda Managing Director.
In May this year, shareholders of Barclays Africa Group Ltd gave approval for the entity’s name to be changed to Absa Group Limited in July, setting in motion the start of one of the largest rebrand projects in Africa at this time.
“Today we begin a new chapter as Absa Bank Uganda Limited, adopting our parent company’s name and brand while retaining our indelible commitment to Uganda and its people. Our new brand is a commitment to Uganda and to the wider continent: Absa is a truly African bank, with global scalability and reach,” said Nazim Mahmood, Managing Director of Absa Bank Uganda Limited.
The company, which has been operating in Uganda for close 92 years, reiterated its commitment to the country’s growth and economic development under the Absa brand.
“We have invested in crucial sectors of development of the national economy, including trade, agriculture, SMEs, infrastructure and investments. We will continue to play a critical role by investing in these sectors without neglecting the ordinary citizen who seeks quality financial services and safe investments for their hard-earned money,” said Mahmood.
The Governor commended Absa Bank Uganda for contributing to the growth of the banking sector in the past and urged them to continue to deliver quality and affordable financial services.
“Key to our agenda is the provision of affordable financial services to Ugandans especially the rural population, who remain unbanked and therefore financially excluded. We are keen to see continuity with Absa in provision of quality financial services and drive the private sector development agenda,” Prof. Mutebile said.
As part of the separation agreement, Barclays Africa Group, will cease using the Barclays brand in Africa in 2020.
The group’s Barclays-branded banks in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, Tanzania, Uganda and Zambia, has continued to trade as ‘Barclays’ even after the group name changed to Absa in July.
The Barclays-branded banks in these countries rebranded at a later stage, subject to regulatory approvals in those markets.
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