Absa takes over Barclays S. Africa
Jan 08, 2006
ABSA Group Banks has taken over Barclays South Africa following a regulatory approval by Barclays PLC at the end of last year, acquiring all assets and liabilities of the former.<br>
By Peter Kaujju
ABSA Group Banks has taken over Barclays South Africa following a regulatory approval by Barclays PLC at the end of last year, acquiring all assets and liabilities of the former.
A statement from Barclays said Absa acquired Barclays South Africa for about R578m (sh173b) with effect from January 1 this year.
“The acquisition of Barclays South Africa by Absa will not affect the status or ownership structure of Barclays’ Africa businesses outside South Africa. The regulatory approval, which follows Absa’s recent announcement of solid financial results for the six months ended September 30 2005, clears the way for Absa to acquire Barclays South Africa as a going concern, and integrate the business into its growing network,†the statement said.
Barclays Bank acquired a controlling stake in Absa in July 2005. As part of the deal, the two banks agreed in principle that Absa would acquire all Barclays’ Africa businesses, subject to regulatory, shareholder and other applicable approvals.
Steve Booysen, Absa’s chief executive officer, said they were excited about the development.
Ends
ABSA Group Banks has taken over Barclays South Africa following a regulatory approval by Barclays PLC at the end of last year, acquiring all assets and liabilities of the former.
A statement from Barclays said Absa acquired Barclays South Africa for about R578m (sh173b) with effect from January 1 this year.
“The acquisition of Barclays South Africa by Absa will not affect the status or ownership structure of Barclays’ Africa businesses outside South Africa. The regulatory approval, which follows Absa’s recent announcement of solid financial results for the six months ended September 30 2005, clears the way for Absa to acquire Barclays South Africa as a going concern, and integrate the business into its growing network,†the statement said.
Barclays Bank acquired a controlling stake in Absa in July 2005. As part of the deal, the two banks agreed in principle that Absa would acquire all Barclays’ Africa businesses, subject to regulatory, shareholder and other applicable approvals.
Steve Booysen, Absa’s chief executive officer, said they were excited about the development.
Ends