Barclays in talks with Absa to combine African operations.

By bne IntelliNews August 22, 2012
Barclays, UKs second biggest lender by assets, is holding talks with its South African subsidiary Absa Group to combine the majority of African operations, Barclays said in a statement. The combination will involve assets in Botswana, Ghana, Kenya, Tanzania and Zambia and Barclays will remain the majority shareholder in the merged entity. The UK banks said that there was no certainty that the talks with Absa will lead to a combination and that the proposed combination would not be expected to be completed until 2013. This proposed combination of the majority of the Barclays Africa businesses with Absa is the next logical step in delivering our One Africa strategy, which Barclays PLC announced last year, Maria Ramos, Chief Executive of Absa Group and Barclays Africa said in the statement. Barclays also said that the listing of its subsidiaries in Kenya and in Botswana would be maintained. Barclays bought 54% of Johannesburg-based Absa for USD4.48bn in 2005.

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