BUY UGANDA VANILLA BEANS                                                                                                                                SOYBEAN OIL 

Africa Banking regulators approve Barclays-Absa deal

Regulators have approved the acquisition of the largest consumer bank in South Africa, Absa Group, by Barclays’ Group African business to be effective July 31.

In the deal, Barclays will increase its stake in Absa group to 62.3 percent through the issue of 129.5 million shares by Absa representing a value of approximately Sh162 billion.

This will be followed by Absa Group changing its name to Barclays Africa Group Limited on August 2 this year.
However, the Absa brand will still be used in South Africa only.

Barclays Bank Kenya Managing Director Jeremy Awori said the necessary conditions had been fulfilled to conclude the merger including the regulatory approvals in Kenya, Botswana, Ghana, Mauritius, Seychelles, South Africa, Tanzania, Uganda and Zambia.

“We are excited about the opportunities that this development brings to the growth of our business in the market, particularly the ability for us to offer our clients and customers the best of Barclays and Absa services and products in Kenya,” Awori commented.
The listing of Barclays Bank Kenya on the Nairobi Securities Exchange will maintained while the minority shares will not be affected.

“As we previously announced, Egypt and Zimbabwe are not included in this transaction but they remain an integral part of our African business and we will continue to run them on an operational basis, “Absa Group CEO Maria Ramos said.

The deal, first announced in 2012, was delayed by the complexities of regulatory approval in Botswana, Ghana, Kenya, Mauritius, the Seychelles, South Africa, Tanzania, Uganda and Zambia.

The group will be listed on the JSE as Barclays Africa.


Click here to post comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Banking Guide Questions and Comments.

Haven't yet found what you Want...?

If you haven't yet found what you were looking for or you need detailed information about the subject matter on this page


feel free to ask our business travel consultants.

Enjoy this page? Please pay it forward. Here's how...

Would you prefer to share this page with others by linking to it?

  1. Click on the HTML link code below.
  2. Copy and paste it, adding a note of your own, into your blog, a Web page, forums, a blog comment, your Facebook account, or anywhere that someone would find this page valuable.