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Absa's concept branch in Clearwater Mall, outside Johannesburg, South Africa.

Absa's concept branch in Clearwater Mall, outside Johannesburg, South Africa.

Barclays and Absa have today announced that their plans to combine the two businesses and create Barclays Africa Group Limited have taken a major step forward.

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The deal marks an extraordinary milestone that sets us firmly on course to become the 'Go-To' bank on the continent.
Maria Ramos, Absa Group Chief Executive and Barclays Chief Executive Africa

The necessary conditions have been fulfilled (or, where appropriate, waived) to conclude the combination of Barclays Africa and Absa, including regulatory approvals in Botswana, Ghana, Kenya, Mauritius, Seychelles, South Africa, Tanzania, Uganda and Zambia.

Commenting on the development, Absa Group Chief Executive and Barclays Chief Executive Africa Maria Ramos said: “This is a momentous achievement for Barclays in Africa. The deal marks an extraordinary milestone that sets us firmly on course to become the ‘Go-To’ bank on the continent. It means that we can accelerate Africa’s true global potential by supporting the development of capital markets and providing a greater range of financial services on the continent.”

Reflecting the enlarged group’s pan-Africa focus, Absa Group Limited will change its name to Barclays Africa Group Limited on Friday, 2 August 2013. The Absa brand will still be used in South Africa while the strong Barclays brand will remain elsewhere.

Read the full announcementRead the full announcement (new window)
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