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Barclays Africa Group to change name, expand into Nigeria

South Africa-based Barclays Africa Group Ltd. said it intends to change its name to Absa Group Ltd., effective May 30, subject to regulatory and shareholders' approval.

The change is part of Barclays Africa Group's separation arrangement with British banking group Barclays Plc.

Barclays Africa Group expects to start trading under its new name, AGB share code and ZAE000255915 International Securities Identification Number May 30. The expected record date for the name change is June 1. The group noted, however, that the timetable is subject to change, depending on the date of the registration of the new name with South Africa's Companies and Intellectual Property Commission.

Meanwhile, CEO Maria Ramos said the South African lender aims to enter Nigeria as part of its plan to expand throughout the continent, Reuters reported March 1.

"We have a clear and undiluted ambition to double our market share of African banking revenues to 12%," Ramos said in a statement released the same day.

The group outlined a new business strategy focusing on growth, under which it will expand its corporate and investment banking unit to certain international jurisdictions, with offices set to open in London and New York. The unit will trade as Absa Securities, and will offer opportunities for clients to financial markets offshore and provide access to firms seeking to invest in Africa.

Barclays Africa reported full-year 2017 profit attributable to ordinary equity holders of 13.82 billion South African rand International Financial Reporting Standards, compared to 14.71 billion rand a year ago. Diluted headline EPS per ordinary share for the year was 17.165 rand, down from 17.964 rand in 2016.

As of March 1, US$1 was equivalent to 11.90 South African rand.