Absa reboots image as Barclays chapter on African foray closes

Barclays Africa Group is getting a revamp, ending Barclays Plc’s 100-year history on the continent.

The lender on Wednesday ditches the name of its former parent to revert to Absa Group after the British bank sold down the controlling stake it bought in 2005. The Johannesburg-based company has already begun reorganising its operations to further distance itself from the UK firm, which itself is overhauling its investment bank to boost returns.

Absa chief executive officer Maria Ramos, 59, in April refocused the lender around four divisions — retail and business banking, corporate and investment banking, rest of Africa and wealth management and insurance — in a bid to double its share of revenue from its 10 operations in Africa and regain market share in the South African retail market….

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