JUNE 6 — Barclays Africa is targeting an entry into the Nigerian Stock Exchange in the second half of this year, coinciding with its name change expected to come in July.
The lender, which is separating with Barclays PLC plans to join the West Africa bourse, the third largest in Africa, as a broker.
The move is expected to happen in July as it seeks to expand its operations in the continent, while eyeing foreign investors.
According to the South Africa based lender, its subsidiary-Absa Nigeria has acquired a securities licence in Nigeria.
Barclays Africa is expecting to change its name to Absa Group in July, a move that has received a green light from shareholders.
The re-branding will see it acquire a new name across Africa by 2020, shedding off the British multinational bank- Barclays PLC corporate image.
According to the Group CEO Maria Ramos, the proposed name change is based on the “Transitional Trade Mark License Agreement, entered into between Barclays Africa Group and Barclays PLC , as part of separation arrangement.”
Absa Group Limited is one of South Africa’s largest financial services organisations, serving personal, commercial and corporate customers in South Africa. The Absa Group Limited (Absa) is listed on the JSE Limited
The Nigeria Stock Exchange has in recent times been evaluating applications from global investment banks seeking to join its trading floor, a move intended to increase foreign investments in the West Africa leading economy.