Pilane and Kanye first to get the Absa brand?

16 Sep 2019

BY KABELO SEITSHIRO

The Pilane and Kanye branches of Barclays Bank Botswana are likely to be amongst the first to lose the spread eagle emblem which has featured prominently throughout the Bank’s branches across the country.

From light blue to red – this is one of the most visible changes that banking customers of Barclays and passer-bys at these villages are likely to see as the bank readies to let go of the Barclays brand and usher in new one – Absa.

Barclays Bank Botswana Managing Director - Keabetswe Pheko-Moshagane says the bank is about to increase its visibility of the ABSA brand in the local market.

“We have started rebranding two of our branches, thus Pilane and Kanye”, said Pheko in the capital Gaborone at the presentation of the bank’s interim financial statements.

Barclays Bank Botswana along its parent company Barclays Africa Group Limited (now Absa Group Limited), were given up to June 2020 to use the name “Barclays” and its blue bird logo by its former parent company Barclays PLC of Britain.

This was part of a transitional trade mark license agreement, entered into between Absa Group Limited (then known as Barclays Africa Group limited) and Barclays PLC as part of the separation arrangement.

The agreement provided that the Barclays brand may only be used in the rest of Africa up to 6 June 2020, subject to an additional two-year run off period in respect of debit and credit cards.

In July 2018 the group - Barclays Africa Group unveiled the bank’s new look under the name Absa in South Africa. At the same launch, the pan African lender said that it intends to rebrand its operations across Africa, most of which currently use the Barclays brand by 2020.

As part of the changes Barclays Botswana’s share code at the Botswana Stock Exchange bourse will also change from BBB to ABBL by 6 June 2020.

2019 INTERIM OUTCOME

Meanwhile the bank has achieved a statutory profit before tax of P387 million for the six months ended 30 June 2019, representing a year-on-year growth of 49 percent.

The interim financials also shows that Barclay’s net fee and commission income grew by 5 percent year on year reflecting the bank’s ongoing drive in digital channels.

The bank has since announced an interim dividend of P110 million (12.908 thebe per share) which translates to 38 percent increase in the dividends proposed year on year.