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Bye-Bye Barclays, Welcome ABSA!

Publishing Date : 10 February, 2020

Author : KENNETH MOSEKIEMANG

Barclays Bank Botswana has ceased to exist in Botswana, paving way for South African banking giant ABSA to take over after a lengthy transition journey.

Following Barclays PLC’s decision to divest in Africa, shareholders announced on 27th June 2019, the approval of change of the bank’s company name to Absa Bank Botswana Limited (Absa) in quarter one 2020, today (Monday) the transformation from the London-based Barclays plc to Absa Botswana Limited was fully completed.

 

The UK- based bank reduced its majority shareholding to 14.9 percent, shedding off 62.3 percent over the last three years. Speaking at the official launch, Absa Bank Botswana Managing Director Keabetswe Pheko- Moshagane said the bank will be focusing on deepening its digital offering while remaining customer-centric by continuously innovating around banking solutions.

 

She said their ambition is to become a digitally-led bank that is centred on the ever-changing needs of the customers.

 

“With underlying improvements in technological capabilities and connectivity and the proliferation of mobile devices, we anticipate exciting times ahead for the digital transformation of the market,” she shared.

 

Pheko-Moshagane further said the bank will continue its significant role in the banking and financial sector in Botswana and contribute immensely to the economy.

 

“We will provide direct employment to 1200 people in Botswana and over 200 indirect jobs including our agency banking partners,” she said. 

 

For his part, Absa Bank Botswana board Chairman, Oduetse Motshidisi said the bank will not only grow for its shareholders but it will also expand its cumulative contribution to the African continent.

 

“The path that we set out on today is to build a bank that is entrepreneurial and innovative. A bank that recognizes the promise of technology and place digitalization at the centre of the way we do business,” he said.   

 

 

 

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