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.
â€œThe acquisition of Barclays South Africa by Absa will not affect the status or ownership structure of Barclaysâ€™ Africa businesses outside South Africa. The regulatory approval, which follows Absaâ€™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,â€ 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 Barclaysâ€™ Africa businesses, subject to regulatory, shareholder and other applicable approvals.
Steve Booysen, Absaâ€™s chief executive officer, said they were excited about the development.
Absa takes over Barclays S. Africa