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.

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