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Barclays Africa shareholders approve name change to Absa Group


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Barclays Africa shareholders approve name change to Absa Group

Barclays Africa Group Ltd. shareholders approved changing the South African company's name to Absa Group Ltd. in July.

The change, part of Barclays Africa's separation arrangement with British banking group Barclays PLC, was initially slated for May 30 but is now expected to take effect July 11. The company's share code on the Johannesburg Stock Exchange will change to ABG from BGA the same day.

The group's Barclays-branded subsidiaries in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, Tanzania, Uganda and Zambia will rebrand at a later stage, subject to regulatory approvals in those markets, and will therefore continue trading under the Barclays name after July 11. Under the separation agreement, Barclays Africa will stop using the Barclays brand in Africa in 2020.