Absa Acquisition Completed, Barclays Africa Group Lists on JSE
August 2, 2013, financial service company Barclays Africa Group listed on the Johannesburg Stock Exchange (JSE) — a moved that is considered a milestone within South Africa’s corporate realm, Ghana Business News reported. Barclays Africa Group (BGA) took the place — and name — of the previously listed Absa Group.
A collaborative entity of Absa Bank and Barclays Group, Barclays Africa Group services much of South Africa and has equity holdings in nations including Mozambique, Namibia, Tanzania and Nigeria.
“The now pan-African Group has concluded the largest acquisition by a bank in Africa, almost two months ahead of deadline,” a joint statement outlined in Ghana Business News said.
Located in the Americas, the UAE, Europe and the Asian Pacific, Barclays is looking to prioritize expansive company growth in Africa by linking with millions of bankers and emerging economies across the continent.
“This is a tremendously exciting and significant moment for Absa and Barclays. This is also a big deal for Barclays,” Wendy Lucas-Bull, Chairman of Barclays Africa Group said in the report.
Business Day Live reported that Barclays Bank upped it’s 55 percent stake in Absa to 62 percent.
Last week Absa issued 129.5-million ordinary shares completing the Barclays deal, which resulted in the Barclays Africa Group name change. The Absa brand will remain present in South Africa, while the Barclays Bank brand will represent the new company across Africa, according to Business Day Live.
“For Absa, it opens the door to improving our long-term growth prospects — everybody wants a piece of the continent,” Lucas-Bull continued in The New Age. “Barclays understands that Africa offers great opportunity which is why it is one of its core pillars of future growth.”
More than 10 percent of Barclays’ first-half pretax profit can be attributed to Africa’s contributions — the third largest region following the UK and U.S., according to Barclays CEO Antony Jenkins.