Barclays Africa Group Could Retain Barclays Name

Ever wonder what is really behind this thing we call “identity?” Well, it’s one of those words that attract a variety of meanings, ranging from a company’s name and logo to its business definition, to its image in the market place, to its values.

In his article titled, ‘Measuring The Strength Of Brand Identity,’ Derrick Daye explains that it doesn’t matter what business you’re in; if you’re going to successfully re-shape your brand, you need to start by knowing who you are.

“This imperative isn’t just a nice-to-have; it’s a must-have, which we discovered recently through a research study, the Identity Impact Survey that quantitatively demonstrates the impact of identity strength, organizational and individual, one employee engagement and business performance.The key findings of the survey, which included nearly 2,000 participants across five diverse companies and industries, were dramatic,” reads the article in part.

He adds that increases in identity strength translate into predictable increases in revenue and other economic benefits.

“Organizational identity strength is more influential than individual identity strength in driving employee engagement and business performance. Their combined effect, however, is greater than either one alone.”

With this information at the back of their minds presumably, Barclays Africa Group has vowed that the group would continue to invest as it had done since 2013, despite the sell-down by Barclays Plc.

This announcement was made by Barclays Africa CEO Maria Ramos recently arguing that management still had ambitions to build a big pan-African bank.

In light of this, it appears that Barclays Africa Group may actually continue to trade under the Barclays’ name in Africa. Recent media reports seem to confirm that the African arm of the bank could indeed retain its name despite the exit of its London-based parent company.

The Daily Nation quotes Jeremy Awori, Barclays Bank Kenya Chief Executive as saying that the African arm of the bank will negotiate to retain the name in the upcoming divestment by the bank so as to, “to maintain the goodwill the name has created.”

“With the planned deconsolidation it (Barclays Plc) did not say it would conclusively rid of the brand. It depends on who they sell to, and that is not known now,” Awori is quoted by the newspaper.

He added that the change in name in the two to three year period leading to its sell was not possible since it was legally protected.

Awori disclosed that there was a licensing agreement between Barclays Africa and its parent bank that bars them from dispensing of the brand before the sale is completed.

The name change is one of the bank’s key issues under discussion before and after its sale.

Barclays Plc owns 62.3 percent of Barclays Africa Group and confirmed it plans to sell down its stake in the Africa unit to below 20 percent in the next two to three years.

The bank recently detailed how its complex sell-down plan would pan out and has hired JP Morgan and Citi to help with the sale-off and also have to provide ‘exit assistance’ to its African business forum to three years after the deal is done.

Barclays Africa Group Limited is one of the largest banks by customer numbers on the continent and is partly owned by South Africa’s Absa.

It is one of the biggest name brands on the continent and experts consider it the major reason the bank has stated its desire to retain the name.

At least seven international and local financial institutions are interested in buying a stake in the bank, either in part or as a whole.

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