The move is aimed at accelerating expansion on the continent. Under the deal, Barclays' Africa assets will transfer to Absa, creating a unit with 14.4 million customers through a network of more than 1,300 outlets and employing over 43,000 staff across 10 markets.
Barclays will, on the other hand, increase its stake in Absa from 55.5 percent to 62.3 percent. On the JSE, the group will change its name from Absa to Barclays Africa by August 1, 2013.In Botswana, the deal means Absa will take over the 67.8 percent held by Barclays Plc in Barclays Bank Botswana with the balance remaining with the minority shareholders in the Botswana Stock Exchange-listed subsidiary.The transaction excludes Barclays' businesses in Egypt and Zimbabwe due to volatile politics in those countries. British bank, Barclays Plc's efforts to merge its stake in its Botswana subsidiary with its associate, Absa, will not culminate in the local outfit being re-branded, bank officials told Mmegi Business early this year. The proposal would see Barclays wrapping its subsidiaries in Ghana, Tanzania, Uganda, Zambia and the Indian Ocean into Absa while its majority interests in the listed Botswana and Kenyan concerns will be merged with the South African bank.
