The initial reaction to Absa’s rebranding has not been good on either the JSE or Twitter.
On its second day trading under the JSE code ABG after reverting to Absa from Barclays Africa Group, its share price fell as much as 4.6% to R154.50.
Other banks were generally higher on Thursday morning, with the JSE’s banking index rising 0.36%, while Absa fell.
On Wednesday, Absa’s share price closed 2% lower at R162.
The bank tied its rebranding to a Twitter marketing campaign #Africanacity.
"The new Absa approaches everything with #Africanacity. A word we created to describe the distinctly African ability to always find ways to get things done," the bank tweeted from its account @AbsaSouthAfrica.
The new Absa approaches everything with #Africanacity. A word we created to describe the distinctly African ability to always find ways to get things done. Watch our film: https://t.co/KSK1eUTPyw
— Absa South Africa (@AbsaSouthAfrica) July 11, 2018
But elsewhere on social media, many critics mocked its new look:
To me the new Absa logo just reads as 'labsal' which sounds like both an Old Testament demon and a soothing cream for labial itchiness. pic.twitter.com/0423E6aSQc
— Tom Eaton (@TomEatonSA) July 11, 2018
For some reason when I look at this Absa logo, I can't help but think of this SAB crate 😂 pic.twitter.com/ajp9Ww2zfD
— Zikhona (@ZickySloan) July 11, 2018
The ABSA logo reminds me of the ABS (Anti-lock Braking System) warning sign on a car's dashboard. Not the same, but it just reminds me. pic.twitter.com/P4aSNNHNv2
— Mr Make You Think (@kalourd) July 11, 2018
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