Barclays will not rebrand to Absa

Barclays PLC, which has a 67 percent controlling stake in Barclays Bank Botswana (BBB) on Tuesday announced that it is in talks about combining its African operations with that of the Absa Group, in which it holds 55 percent.

The move is aimed at accelerating expansion on the continent. The proposal would see Barclays wrapping its subsidiaries, Ghana, Tanzania, Uganda, Zambia and the Indian Ocean into Absa while its majority interests in the listed Botswana and Kenyan concerns will be merged with the South African bank.