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Barclays Bank Africa Group and Absa merge

Absa is merging with Barclays Bank Africa Group after Absas minority shareholders voted in favour of the deal

A further cautionary announcement issued by Stockbrokers Zambia Limited said that the strategic combination of the majority of Barclays Bank operations in Africa with Absa Group Limited was expected to be sealed within the first half of this year.

The shareholders have also approved the change of name of the JSE-listed entity from Absa Group Limited to Barclays Bank Africa Group Limited.

"The change of name is however subject to the required regulatory approvals and fulfilment of other conditions precedent," the announcement read. "Once completed, Barclays Africa Group will hold 100 per cent of the shares of the proposed holding company." Absa chief executive officer, Maria Ramos, said that the deal would create a franchise in Africa with a network of more than 1,300 outlets and 10,400 ATMs, employing about 43,000 staff across 10 countries including Zambia.

She added that the combined business would create a leading pan-African financial services entity and a platform for increased growth.

"The vote of confidence from Absa independent shareholders is an important milestone in our journey towards becoming the ‘go-to’ bank across Africa," she said.

Nawa Mutumweno

African Review

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