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Absa Separation from Barclays 69% Complete

patriot by patriot
January 26, 2021
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Absa Separation from Barclays 69% Complete; on

Track for Completion in 2020

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 ‘Absa’ in 12 countries, a process that is underway with South Africa having been completed during 2018.

“Very 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. “We 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.

Barclays PLC made a R12.6 billion contribution towards the separation programme in 2017. Of this figure, R8.5 billion has been spent to date.

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

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  • We must ‘walk the talk’ July 4, 2022
    We can only save ourselves and our planet by confronting climate change BY COLLEN VIXEN KELAPILE Climate change has become the enemy of human progress and a threat to humanity’s survival. We see its devastating consequences daily. No country is […]
  • Makwinja caught in Minergy saga   June 30, 2022
    Her husband –Leonard, is a Board Member at Minergy Coal ‘She is conflicted, hence she is failing to resolve our disputes with the company’ – Farmers ‘It’s an attempt to score cheap political points’ –Makwinja Minergy Coal proposes a […]
  • CA Sales lists on the JSEJune 29, 2022
    african-markets.com The JSE, Africa’s largest stock exchange, has listed CA Sales Holdings Limited on its main board providing South African investors with exposure in the fast-moving consumer goods (FMCG) company with a footprint in several Southern African countries. CA […]
  • BBS launches insurance agencyJune 28, 2022
    BBS Limited is pleased to inform its current and potential customers as well as stakeholders that it has launched an insurance agency called BBS Insurance Agency Limited; whose purpose is to provide insurance agency services and bespoke insurance products […]
  • MANTSWE JOINS TURNSTAR BOARDJune 28, 2022
    Turnstar Holdings Ltd, is pleased to announce the appointment of Mr Solomon Seoketsi Mantswe, to the Board of Directors, with effect from 1st July 2022. He brings over 30 years’ experience in the public service. He was appointed Deputy […]
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