Barclays Bank Botswana shareholders have endorsed the bank’s proposed name change to Absa Bank Botswana Limited.
They approved the proposal during the company’s Annual General Meeting (AGM) held in Gaborone recently.
The development kick-starts a transformation process expected to be rolled out in the first quarter of 2020.
Barclays Bank Botswana Chairperson, Oduetse Motshidisi described the approval as a great step towards the bank becoming an independent pan-African banking group.
The institution, which is listed on the Botswana Stock Exchange Limited (BSEL), will in addition change its share code on the stock market from BBBL to ABBL scheduled for 6 June 2020 following approvals by relevant authorities.
Speaking during the AGM, the bank’s Managing Director, Keabetswe Pheko-Moshagane conceded they are aware of the history behind the name Barclays Bank Botswana.
However, she said they intend to use the opportunity to present the bank as a relevant and modern organisation.
“We recently managed to successfully execute two of our biggest systems migrations in our separation journey. The unity and single mindedness that I witnessed on the part of our people assured me that we were doing something right as leadership,” maintained Moshagane.
In terms of the industry’s changing dynamics, Moshagane said it has been found that the competition they will face in the future will not be from banks themselves but rather from the non-banking sector.
“We will thus focus our energies on driving greater convenience through technology and partner with other businesses for the ease of our customer experience,” she said.
In order to prepare for this competition, Moshagane said the bank would continue to invest in technology, service channels and its branch networks in order to deepen existing relationships and acquire new clients in its target segments.
“We have already made a good start to 2019 and we will maintain our customer obsessed resolve and capitalise on our strengths to reinforce our position as Botswana’s leading financial services provider,” she concluded.