Share

StanChart to buy Absa custody business

Johannesburg - Standard Chartered said on Thursday it will acquire Absa Group [JSE:ASA] South African custody and trustee operation, as the London-based lender steps up its presence in the continent's top economy.

Absa's sale of the operation follows that of its parent Barclays, which sold its custody businesses in Africa to Standard Chartered in 2010.

The banks did not disclose the size of the deal, but Absa said it would not be material to the group. Custody services include processes such as back office management for overseas investors trading on the continent's bourses.

Standard Chartered is expanding its South African operation and last week told Reuters it was opening up two new branches in the country's second and third biggest cities to tap corporate clients with operations in the rest of Africa.

The lender made revenues of $1.6bn on the fast-growing continent in 2012 and plans to double this in the next five years.

Absa shares were up 0.70% to R151.50 on the JSE on Thursday morning.

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.94
-0.2%
Rand - Pound
23.91
-0.1%
Rand - Euro
20.43
+0.2%
Rand - Aus dollar
12.34
+0.1%
Rand - Yen
0.13
-0.2%
Platinum
910.50
+1.5%
Palladium
1,011.50
+1.0%
Gold
2,221.35
+1.2%
Silver
24.87
+0.9%
Brent-ruolie
86.09
-0.2%
Top 40
68,346
+1.0%
All Share
74,536
+0.8%
Resource 10
57,251
+2.8%
Industrial 25
103,936
+0.6%
Financial 15
16,502
-0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders