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Absa Separation from Barclays 69% Complete

patriot by patriot
January 26, 2021
in Business
0

Absa Separation from Barclays 69% Complete; on

Track for Completion in 2020

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Banks in P90.79 billion household debt

π‡πžπ¦π© 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 d𝐞𝐚π₯s roll in

Bank of Botswana Celebrate 50 Years

Absa Group Ltd., one of the largest financial services providers in Africa, told investors yesterday that its programme to separate from Barclays PLC is 69% complete. Absa said 184 of the 266 projects have been successfully delivered, two years into the three-year programme.

The separation comprises the gradual replacement of services, primarily involving operational and information technology, provided to Absa by Barclays PLC, which reduced its shareholding in the African financial services group to a minority stake in 2017. The separation also includes transitioning from the Barclays brand to β€˜Absa’ in 12 countries, a process that is underway with South Africa having been completed during 2018.

β€œVery few programmes of this level of complexity are being undertaken in the financial services industry today,” said Paul O’Flaherty, Chief Executive: Engineering Services, at Absa Group. β€œWe have passed several milestones, but there are hard yards still to come,” he said. The successful migration of core banking platforms in African regional operations in April and  digital channels in African regional operations in May are significant recent milestones, he said.

The 266 projects in the separation programme have an average 18-month duration and several run concurrently. More than 1,000 Absa employees and about 800 contractors are working to deliver the separation.

The separation presents a strategic and operational opportunity to effect improvements with half of the systems being replaced being transformational in nature and the other half being a hybrid of refreshed systems with transformational elements.

BarclaysΒ PLCΒ made aΒ R12.6Β billionΒ contribution towards theΒ separationΒ programme inΒ 2017.Β OfΒ this figure,Β R8.5Β billionΒ hasΒ beenΒ spent toΒ date.

While capital expenditure will peak in the current calendar year, the separation programme is running on time and within budget.

Tags: ABSABarclays
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  • Banks in P90.79 billion household debtSeptember 13, 2025
    -           P39 billion of the credit is unsecure -           UK research firm forecasts escalating credit in the household sector RelatedPosts Banks in P90.79 billion household debt π‡πžπ¦π© 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 d𝐞𝐚π₯s roll in Basarwa demand equal rights STAFF WRITER The household… Read more: Banks in P90.79 billion household debt
  • π‡πžπ¦π© 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 d𝐞𝐚π₯s roll inSeptember 13, 2025
    This morning (12.09.25), the Botswana Investment and Trade Centre (BITC) hosted the Hemp Innovations Europe (HIE) AB Memorandum of Understanding Handshake Ceremony. The MOU signing is in partnership with The Office of the President, Botswana University of Agriculture and… Read more: π‡πžπ¦π© 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 d𝐞𝐚π₯s roll in
  • Basarwa demand equal rightsSeptember 13, 2025
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  • Bank of Botswana Celebrate 50 YearsSeptember 13, 2025
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  • UDC in BDP deep stateSeptember 13, 2025
    Boko's wounded healer strategy recycles BDP cronies into govt Pilane's CoA appointment re-opens old wounds BDP denies ever politicizing public service   BAKANG TIRO RelatedPosts Banks in P90.79 billion household debt π‡πžπ¦π© 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭 d𝐞𝐚π₯s roll in Basarwa demand equal… Read more: UDC in BDP deep state
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