Absa Bank Kenya PLC has today marked the official launch of the Absa ticker at the Nairobi Securities Exchange, marking the successful conclusion of the brand transition programme. The change of name follows a 2018 decision by the parent company, Absa Group Limited, to rebrand all its operations across the continent to Absa.
This followed a decision by Barclays Plc to reduce its majority shareholding in Barclays Africa Group (the former parent company) to 14.9{d59e984f9fbc5c09e4ab0305e27bfa5819922b7230cd324f89a660f78358ca33} and the subsequent renaming of Barclays Africa Group to Absa Group Limited.
Speaking during the bell-ringing event at the NSE, Absa Bank Kenya chairman of the board Charles Muchene reassured minority shareholders that the shareholding structure will not be affected in any way even with the change of name.
“I would like to assure all our shareholders that their investment in our business is sound and they can look forward to even better returns as we continue to execute our strategy. We are excited about what the future holds and the chance to continue working work with the people of Kenya to achieve shared success and bring new possibilities to life.”
The event was also graced by the Absa Group Chief Executive Officer Mr. Daniel Mminele as well as the Group‟s Deputy CEO Mr. Peter Matlare and various representatives from the NSE, the Capital Markets Authority, the Central Depository and Settlement Corporation and a host of other capital markets stakeholders.
On his part, Mminele reassured of the group’s long-term commitment to Kenya noting that the group will continue to invest and to grow in this market.
Absa Bank Kenya PLC Managing Director Jeremy Awori said the organisation has a solid strategy in place which is designed to deliver growth for the business by growing with its customers. “As I look into the future, I am filled with excitement and optimism. We will continue to execute this strategy in order to deliver great returns for our shareholders and play our rightful role in the Kenyan economy,” said Mr. Awori.
Reiterating their remarks, the Nairobi Securities Exchange Chief Executive, Geoffrey Odundo exuded confidence in the growth prospects and potential for enhanced returns for Absa Bank Kenya PLC following the transition.
“ I am delighted that the change offers investors an opportunity to be part of a leading financial services Group with a deep understanding of the continents’ financial needs, an extensive reach and a wide country footprint.”
The bank recognized and appreciated the support of the Central Bank of Kenya, Capital Markets Authority and the NSE among other stakeholders throughout the transition.