Absa to use Barclays to lead Africa expansion

It quotes Patrice Rassou, head of equities at Sanlam Investment Management as saying that it seems that Barclays is now relying on Absa to drive the African strategy for the banking group.

In April this year Absa announced that it would work more closely with Barclays in all sub-Saharan African countries except South Africa. Barclays operates in nine countries outside South Africa and is moving the group's headquarters for Africa from Dubai to Johannesburg.

Absa chief executive, Maria Ramos says that Absa is keen to expand into the continent's other fast-growing markets including oil-rich Angola.

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