Feedback

Retail news

Retail news

Barclays, Absa to combine African operations

21 Aug 2012 11:41
Barclays Bank and its subsidiary, Absa, say they are engaged in negotiations to combine the majority of the Barclays Africa operations.
Maria Ramos, chief executive of Absa Group and Barclays Africa, confirms the discussions, saying the proposed combination is the next logical step in delivering the "One Africa" strategy Barclays announced last year.

There has already been a consolidation of the regional offices for Absa Africa and Barclays Africa, as well an introduction of a global product strategy for banking across the continent.

A platform for further growth

"We are tremendously excited by the opportunities for growth in Africa. We are wholeheartedly committed to our businesses across Africa and this proposed combination will help us to leverage the significant potential of these businesses.

"It will provide a platform for further growth that we firmly believe will be to the benefit of our colleagues, our customers and clients, our shareholders and the communities in which we operate," Ramos said.

The discussions will culminate in the combination of Barclays interests in Botswana, Ghana, Kenya, Tanzania, Uganda, Zambia and the Indian Ocean with Absa, with Barclays Bank PLC remaining as the majority shareholder of the combined African operations.

The listings of Barclays subsidiaries in Kenya, on the Nairobi Securities Exchange, and in Botswana, on the Botswana Stock Exchange, would be maintained. Only Barclays holdings in these listed subsidiaries would be included in the proposed combination.

The proposed combination would be subject to, among other things, the approval of the Boards of Barclays and Absa as well as Absa shareholder approval and regulatory approvals in the relevant jurisdictions.


SOURCE

CAJ News Agency
Founded by Savious Kwinika, CAJ News is Africa's premier news agency that provides regional, continental and international news information when it happens. It provides thoughtful African news on investing, information technology, mobile and telecommunications, energy and petroleum, mining and engineering, developmental, political and sports news for Africa. Follow CAJ News on Twitter at @cajnewsagency and become a Facebook fan.
Go to: http://www.cajnewsagency.com
    
 
LEGAL DISCLAIMER: This Message Board accepts no liability of legal consequences that arise from the Message Boards (e.g. defamation, slander, or other such crimes). All posted messages are the sole property of their respective authors. The maintainer does retain the right to remove any message posts for whatever reasons. People that post messages to this forum are not to libel/slander nor in any other way depict a company, entity, individual(s), or service in a false light; should they do so, the legal consequences are theirs alone. Bizcommunity.com will disclose authors' IP addresses to authorities if compelled to do so by a court of law.

News