Barclays Bank will not longer be trading with the name in Kenya, following a successful transition to Absa Bank. It’s stock ticker to Absa from BBK on the Nairobi Securities Exchange (NSE) also took place. The bank’s shares that had been suspended from trading last week to allow for the name change are now open for trading.
The rebranding was necessitated by a decision in 2016 by the Barclays Bank Plc to reduce it’s shareholding in the Barclays Africa Group 14.9 per cent which was the former parent company of Barclays Kenya.
“As Absa Bank Kenya, we will continue making it easier for entrepreneurs in Kenya to establish and grow their business. Our intention is to keep differentiating ourselves by creating a business that is attuned to the customer,”- Jeremy Awori, MD Absa Bank Kenya
The rebrand will see Absa Bank Kenya PLC new strategy being driven by four strategic priorities that include: Building a customer obsessed digitally enabled bank, strongly growing, diversifying and transforming retail and business banking, becoming a Force for Good in society and transforming into an inspirational, fun and vibrant place to work and lastly, building a powerhouse institutional Bank
As part of the change in the bank, they have upgraded their technology infrastructure which enabled them to introduce the first ever vertical cards in Kenya which come with additional security features and enhanced rewards for our customers. Additionally, the bank has revamped the Absa Mobile Banking app which will not only permits customers to pay bills, transact and buy airtime but will also enable them to use their fingerprint or facial recognition to unlock and gain access.
“As we think about our future, we are excited about the opportunity to continue playing a significant role in the financial services sector in Kenya and partnering with all of you to make a positive contribution to our economy.”- Charles Muchene, Board Chairman Absa Bank Kenya.
The bank plans to launch the Absa ChatBot, a virtual assistant that allows customers to get answers to frequently asked banking questions via WhatsApp. For the SME sector, the bank will launch the MySMETool that enables business owners to perform important functions like planning and cashflow management online.