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.
Read in IntelliNews Pro
Get IntelliNews Pro

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

Follow Us On

Most Read

  1. Iran vs Israel: Who is better equipped for war?
    6 days ago
  2. Saudi Arabia to scale back plans for Neom city
    10 days ago
  3. Oil continues to flow to Israel via Turkey despite Erdogan’s vehement speeches on plight of Gaza
    5 months ago
  4. BREAKING: Iraq, Syria and Jordan close airspace amid Iranian strike on Israel
    6 days ago
  5. Russia’s war economy boosted by rising oil prices
    4 days ago
  1. Russia could pay off its entire external debt tomorrow, in cash
    20 days ago
  2. Speculation swirls of “Men in Blue” in Crocus City Hall terrorist attack linked to FSB
    24 days ago
  3. Albanians campaign on social media to keep bus bridge created in freak accident
    1 year ago
  4. UBN: Russia could take the Baltic states in 48 hours
    29 days ago
  5. BRICS announce a blockchain-based payment system to create a common currency
    23 days ago

Reports

Dismiss