Barclays, Absa in talks on single African face


Image: By BiztechAfrica
Barclays, Absa in talks on single African face

In line with their strategy to operate as One Bank in Africa, Barclays and its subsidiary Absa Group Limited are engaged in discussions about combining the majority of the Barclays Africa operations with Absa.

This is expected to involve 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 (the latter on the recommendation of the independent members of the Absa Board), as well as Absa shareholder approval and regulatory approvals in the relevant jurisdictions.

Barclays notes in an advisory to shareholders “There can be no certainty that these discussions will lead to a combination. The proposed combination would not be expected to be completed until 2013.”

Commenting on the rationale for the proposed combination, Maria Ramos, Chief Executive of Absa Group and Barclays Africa, said: “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. We have already consolidated the regional offices for Absa Africa and Barclays Africa, as well as introduced a global product strategy for banking across the continent. This proposed combination of the businesses will mirror the managerial and operational structure we have already put in place.

“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.”

Share the News

Get Daily Newsletter

comments powered by Disqus


Beachhead Solutions introduces channel programme for emerging markets

Beachhead's high-ROI reseller programme is now available in MEA and India. Read More

Barclays Africa launches Rise

A new global start-up community has been launched to pioneer financial services and unlock Africa’s potential. Read More

JUA Energy enters Nigeria after success in Kenya

After successfully entering the Kenyan market in April 2014, solar-powered systems and technological electronic accessories manufacturer brand J​UA​ energy has launched in Nigeria to sell through e-tailer Jumia. Read More

Fundamo founder joins Nomanini’s advisory board

Fundamo founder Hannes Van Rensburg, generally considered the father of mobile payments, has joined the advisory board of Nomanini, a South African-based, enterprise technology transactions platform provider. Read More

Airtel sponsors Indo-Africa ICT Expo 2015

Airtel is sponsoring the Indo-Africa ICT Expo 2015 being held at the Kenyatta International Conference Centre (KICC) now underway in Nairobi. Read More

MTN acquires Smart Village to enhance its foothold in the fibre network space

MTN has concluded a deal with MultiChoice to acquire Smart Village, which will accelerate the mobile operator’s fibre to the home (FTTH) strategy to be the provider of choice for high speed fibre network across South Africa. Read More

Agilitude opens East African office on the back of mobility and cloud growth

Tejpal Bedi Salesforce reseller and Consulting Partner Agilitude has announced that is has opened an office in Kenya, making East Africa its next target for growth.  Read More

MTN gets ethics management committee

MTN Nigeria has set up an ethics management committee with the sole responsibility of managing ethics risks. Read More

200 entrepreneurs to launch innovative businesses

Over 200 entrepreneurs from across Africa are set to receive resources, networking opportunities and mentorship from Microsoft 4Afrika and AMPION. Read More

Airtel Ghana MD named Marketing Woman of the Year

The Managing Director of Airtel Ghana, Lucy Quist, has been crowned Marketing Woman of the year at the Chartered Institute of Marketing Ghana (CIMG) Marketing Performance Awards. Read More


Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika


Connectivity critical for Nigeria's ICT sector, says SES chiefConnectivity critical for Nigeria's ICT sector, says SES chief

Connectivity is vital for any country to fully optimise the huge potential of cyberspace, SES Sales Manager for West Africa Joy Nma Emenike tells Kokumo Goodie.


High tech homes: Just press playHigh tech homes: Just press play

High tech, digital homes where everything is automated and connected aren’t the stuff of science fiction any longer, says BNC Technology.