By MAYA NTANDA -
BARCLAYS Africa Group Limited(BAGL) has announced it’s intention of a proposed change of name to ABSA Group Limited.
This came to light during BAGL chief executive officer Maria Ramos announcement of the 2017 full year results and unveiling of the new strategy for growth and changing to ABSA Group.
BAGL said in a statement that the name change will be effective from the date set out in the amended registration certificate issued by the Companies and Intellectual Property Commission(CIPC) as contemplated in section 16(9) of the Companies Act.
A special resolution to this effect will be included in the notice of the annual general meeting to be issued to shareholders of BAGL on March 29 for the meeting on May 15, this year.
“Barclay’s Africa Group shareholders are advised of the intention to change the groups name to ABSA Group Limited, subject to regulatory and shareholders approval, “ reads the statement in part.
A background to the proposed name change indicated that the transitional trade mark license agreement were entered into between BAGL and Barclay’s Plc as part of the separation arrangement.
It provided that BAGL is permitted upto June 6 2020, provided it announces the intention to change its name on or before June 2018.