ABSA, Barclays Separation 69% Complete

Barclays Botswana HQ
Barclays Botswana HQ

Absa Group Ltd, one of the largest financial services providers in Africa, told investors this week that its programme to separate from Barclays PLC is 69% complete.

According to the group, 184 of their 266 projects have been successfully delivered, two years into the three-year programme. The separation comprises the gradual replacement of services, primarily involving operational and information technology, provided to Absa by Barclays PLC, which reduced its shareholding in the African financial services group to a minority stake in 2017.

It also includes transitioning from the Barclays brand to ‘Absa’ in 12 countries, a process that is underway with South Africa having been completed during 2018. Paul O’Flaherty, chief executive: Engineering Services, at Absa Group, said very few programmes of this level of complexity are being undertaken in the financial services industry today.

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