Absa Uganda to start operation after licensing from Bank of Uganda

Kampala, Uganda | THE INDEPENDENT  | Absa Bank Uganda has officially received its license from Bank of Uganda, dropping the Barclays brand tag.

Absa Uganda interim boss Nazim Mahmood together with other bank’s executive received the license from the Central Bank on Monday.

Mahmood told reporters that “there will be no change in terms of account details and that they can expect nothing but the best in terms of products and services.”

BOU Deputy Governor Dr Louis Kasekende said the central bank is pleased to confirm that effective today, what was previously known as Barclays Bank Uganda will become Absa Bank Uganda.

This makes the end to the three-year journey of the divorce from the parent company, Barclays Plc after the later sold its majority shareholding – retaining only 14.9% – in the Barclays Africa Group unit. This means it could not retain the Barclays Brand.

The bank has changed its social media handles to Absa to reflect the changes. Its website also reads absa.co.ug.  All its branches have been painted red, the Absa colours, from the blue that Barclays used.

Absa Uganda is part of the Absa Africa Group headquartered in South Africa.

******

URN