By Benjamin Jumbe
Absa Bank Uganda’s parent company, Absa Group Limited has announced the substantial completion of critical projects on its separation journey.
Following Barclays PLC’s decision to sell down its controlling stake in Barclays Africa Group Limited in 2016, the bank was permitted to continue using the Barclays brand during the June 2017 to June 2020 transition period.
The banking group marked the end of this component of the Separation journey on 5 June 2020 with the official name change to Absa in Uganda in November 2019 and across all Absa Group subsidiaries on the continent earlier this year.
The managing Director of Absa Bank Uganda Mumba Kalifung says they are ready to become a self-sufficient bank of the future able to own and control processes and infrastructure, upgrading systems and propositions that better serve customers in Uganda.
Meanwhile Absa Regional Operations Chief Executive, Peter Matlare said with this critical milestone, the bank has an opportunity to create and sustain valuable partnerships that allow them, and their stakeholders to thrive.