• Mini budget: Lost trust

    The elephant in the room is a bigger danger to SA than weak finances, says Jaco Leuvennink.

  • Time to tackle floods

    Government isn't doing enough so it's up to us to take responsibility, says Mandi Smallhorne.

  • Conquering prejudice

    Every workplace would benefit from a self-critical process relating to prejudices, says Ian Mann.

Loading...

Absa welcomes Barclays Africa deal nod

Apr 09 2013 13:21
I-Net Bridge

Johannesburg - Absa Group [JSE:ASA] has welcomed Finance Minister Pravin Gordhan’s approval of the majority of Barclays Africa’s operations being combined with Absa.

This follows overwhelming support for the strategic transaction from Absa minority shareholders in February.

Maria Ramos‚ Chief Executive of Absa said: “We welcome the approval by Minister Gordhan. This is an important milestone in the transaction in furtherance of our One Africa strategy and reflects South Africa’s commitment to creating the right conditions and climate for foreign investment into the country and the continent.”

Absa and Barclays are committed to satisfying the outstanding conditions relating to the proposed transaction.

As announced on 5 April 2013‚ Absa will announce a revised transaction timeline in due course and expects that the transaction will be completed within the dates allowed for under the sale and purchase agreement between Absa‚ Barclays Africa and Barclays.

The combined‚ JSE-listed business would serve approximately 14.4 million customers and employ around 43 000 people across ten countries.  

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

absa group  |  barclays  |  banks

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
4 comments
Comments have been closed for this article.
 

Company Snapshot

We're talking about...

Calling all social entrepreneurs - apply for The Venture now!

Are you running an innovative social business that's helping to create a better future? Then pitch for a share of The Venture’s $1m fund and receive world-class mentorship to help accelerate your business growth.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Pick n Pay launches new website for easier online shopping

Previous results · Suggest a vote

Loading...