A done deal

Absa Group and Barclays Bank PLC today (27 July) announced the completion of their deal that sees the UK-based international banking business acquiring a majority stake of 53.96% of all ordinary shares in Absa Group Limited.

“Today is the day that we begin to combine our resources and skills to create the pre-eminent bank on the African continent, bringing value to customers and shareholders alike,” says Absa Group chief executive, Steve Booysen.

At a cost of nearly R30bn (£2.6 bn) this is the largest foreign direct investment in South Africa and represents a historic deal, “not just for South Africa and its citizens but also for Barclays,” says David Roberts, director of Barclays PLC and chief executive of Barclays International Retail & Commercial Banking.

“Absa is a valuable addition to the Barclays Group, bringing significant scale and expertise in the South African market, which we look forward to combining with our existing African presence.”