This archive report was first published on 10 June 2020.
Published on June 10, 2020, Absa Group announced the completion of a substantial portion of its separation program from Barclays plc, which commenced in 2017.
Barclays PLC had announced in 2016 its decision to divest from the African banking business, opting to become a minority shareholder. The separation program has been a complex process, involving the replacement or rebranding of millions of assets in 12 countries.
According to Absa Group Chief Executive Daniel Mminele, the group is in the final stages of the separation program. He stated that the financial conglomerate was winding up the last elements of separation, which would give ABSA bank an Afro-centric feel as it works to integrate operations across African markets.
Barclays PLC contributed $1 billion towards the separation in 2017, focusing on IT and brand projects. The separation program has seen the delivery of 270 projects, with all technical solutions built. Six projects are expected to be concluded in the next few months, including three minor 'mop-up' activity projects.
The separation required the replacement or rebranding of millions of assets in 12 countries, including technology solutions. It was the largest single data and system migration in Africa, with customers in nine countries switched to a new online banking platform, improving customer experience through greater stability and upgraded user interfaces in several countries. — Daniel Mminele, ABSA GROUP CEO
Mr. Mminele further revealed that the rebranding involved more than 1,000 branches, 10,000 ATMs, several million customer cards, and thousands of buildings.
