FANews
FANews
RELATED CATEGORIES

SA regulators approve Absa’s Barclays Africa transaction

09 April 2013 Absa

Absa Group Limited confirms that it received notice that Mr Pravin Gordhan, South Africa’s Minister of Finance, has approved the combination of the majority of Barclays Africa operations with Absa. This follows overwhelming support for the strategic trans

Maria Ramos, Chief Executive, Absa, Chief Executive Africa, Barclays 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 plc. The combined, JSE-listed business would serve approximately 14.4 million customers and employ around 43,000 people across ten countries.

Quick Polls

QUESTION

How confident are you that insurers treat policyholders fairly, according to the Treating Customers Fairly (TCF) principles?

ANSWER

Very confident, insurers prioritise fair treatment
Somewhat confident, but improvements are needed
Not confident, there are significant issues with fair treatment
fanews magazine
FAnews June 2024 Get the latest issue of FAnews

This month's headlines

Understanding prescription in claims for professional negligence
Climate change… the single biggest risk facing insurers
Insuring the unpredictable: 2024 global election risks
Financial advice crucial as clients’ Life policy premiums rise sharply
Guiding clients through the Two-Pot Retirement System
There is diversification, and true diversification – choose wisely
Decoding the shift in investment patterns
Subscribe now