Barclays MD allays job-cut fears …targets 100 percent growth in five years

Barclays Bank Ghana has stated that its decision to rebrand to Absa will not lead to any job-cuts, and that the bank by its new image will be more focused on entrenching its position on the local scene and work toward doubling its footprints in the country.

Speaking in a media interaction yesterday, Barclays Ghana Managing Director Mrs. Patience Akyianu assured that the no bank staff will be affected by the of the Barclays Africa Group’s decision to part ways with Barclays Plc – a situation that will see the bank rebrand as Absa Group Limited.

“This brand change is not expected to lead to loss of jobs or the creation of more jobs. We are always reviewing our operating model so that it helps us to deliver on our strategy – so, as and when that is required we will make that decision,” she stated.

Per the deal struck with Barclays Plc, Barclays Africa Group has until June 2020 to cease using the Barclays brand name; but the bank has stated that it intends rebranding to Absa Group Limited in June 2018 – subject to regulatory and stakeholder approvals.

The rebranding of respective Barclays operations in member-countries will however be subject to various regulatory approvals.

“We have up to June 2020 to make this change, and we will choose the right time for ourselves. In addition to that, our group in arriving at this decision to change the brand to Absa engaged extensively – indeed, about 130,000 customers, employees and stakeholders etc. were either interviewed or consulted.

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“We didn’t take this decision lightly at all, and we will continue to exercise the greatest care during this transition. Absa is a highly-regarded and trusted brand in South Africa. We fully appreciate the fact that the Barclays brand here in Ghana is loved, and is an important one.

“But let me assure you we will manage this transition with the greatest of care, bringing on board all stakeholders – including the regulators – and align with their requirement to make this transition seamless as possible,” Mrs. Akyianu told journalists at the bank’s head office in Accra.

According to her, when all is said and done, its key measure of success will be growth; and the bank is putting in place the requisite structures to ensure that it doubles the bank’s market share from the existing six percent in the next five years.

“This separation provides us with the independence and autonomy to make decisions we think are right for the business that is to serve our customers,” she added.

New focus

Last week, Group CEO Barclays Africa, Maria Ramos, said the bank’s new brand success will require it to simultaneously deliver a new client value proposition with tangible changes in customer experience.

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“In this period, we will stretch ourselves to develop the platform for double-digit growth and build momentum to accelerate delivery.

“We have an opportunity to do something of great consequence and to build a new banking group all of Africa can be proud of. For me and all of my colleagues, it is a ‘once in a lifetime’ opportunity,” she added.

Speaking on what customers should expect in the new path, the Barclays Africa boss said the bank is creating a business that is obsessed with meeting and exceeding their customers’ expectations.

“They will experience a partner who cares for their future, holds their best interests at heart, and operates to the highest standards of professionalism and conduct.

“It will be digitally pioneering and data-led, understanding and anticipating customer needs and aspirations; helping them bring their possibility to life.

“For the communities we serve, ABSA will be a partner to help empower and deliver their future; doing the best for ‘people and planet’ and helping them bring their possibilities to life.

“Our social promise is a point of departure from traditional approaches, and is a lens we will apply to all our decisions at every level of the organisation,” Ms. Ramos told journalists.

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