Rebranding costs took a toll on Barclays Bank Kenya’s profits as the lender transits to adopt the Absa brand. Last year, Barclays Africa changed to Absa Group after severing ties with Barclays. We expect to spend more on this initiative in the coming financial year to 2020,’’ Barclays Bank Kenya chief executive Jeremy Awori said. Despite the operating costs which grew to Sh17.1 billion from Sh16.7 billion in 2017, the bank made a seven per cent increase in net profit. The planned merger between NIC and CBA banks which have total asset value of at least Sh444.3 billion however threatens to outdo both Cooperative and Barclays Bank Kenya.

Source: The Star March 11, 2019 21:00 UTC