SA Absa to buy Barclays African operations in a EUR 1.6bn deal.

By bne IntelliNews December 7, 2012
South Africas banking group Absa Group said it has agreed to buy the majority of the African operations of its parent, UK Barclays, in a ZAR 18.3bn (EUR 1.6bn) deal. Under the agreement, Absa will buy Barclays operations in Botswana, Ghana, Kenya, Mauritius, Seychelles, Tanzania, Uganda and Zambia and the Barclays Africa Regional Office in South Africa for a consideration of 129,540,636 Absa shares, representing a value of ZAR 18.3bn, Absa said in a bourse filing. As a result, Barclays stake in Absa Group, which will be renamed to Barclays Africa Group Limited, will increase from 55.5% to 62.3%. The transaction will not affect the minority owners of Barclays Bank Kenya and Barclays Bank Botswana, which will remain listed on the Nairobi Securities Exchange and on the Botswana Stock Exchange, respectively. The deal is expected to be completed in the first half of 2013, subject to the fulfilment of several conditions precedent. The Barclays Africa Portfolio, which will be acquired by Absa, has over 400 branches and 840 ATMs, as well as mobile phone and internet banking platforms across sub-Saharan African. It employs approximately 9,100 people.

Related Articles

South Africas Exxaro mulls firing striking coal miners.

South African company Exxaro Resources said one of the options it currently considers is dismissing striking coal mine workers who fail to return to work in the week of March 25, fin24 reported ... more

South Africas Telkom says there is no decision to lay off 13,000 employees.

South Africas telecommunication operator Telkom said that it has not made a decision on retrenching 13,000 employees, or more than half of its staff, TechCentral reported quoting a company ... more

BP, Masana Petroleum Solutions sell LPG business in South Africa.

Oryx Energies, a major independent provider of oil and gas products and services in Africa, has agreed to buy the South African liquefied petroleum gas (LPG) distribution businesses of BP and ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335