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.
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