Barclays Bank and its subsidiary Absa have said they are in talks to combine most of Barclays’ African operations.
Maria Ramos, CEO of Absa Group and Barclays Africa, confirmed the discussions, saying the proposed alliance is the next logical step in delivering Barclays’ “One Africa” strategy announced last year.
He introduced the integration of regional offices for Absa Africa and Barclays Africa as well as the bank’s global brand strategy across the continent.
A platform for further development
“We are very excited about the growth opportunities in Africa. We are wholeheartedly committed to our businesses across Africa and this proposed combination will help us capitalize on the tremendous potential of these businesses.”
“It provides a platform for continued growth that we strongly believe will benefit our colleagues, our clients and customers, our shareholders and the communities in which we operate,” Ramos said.
The discussions will conclude with a combination of Barclays’ interests with Absa in Botswana, Ghana, Kenya, Tanzania, Uganda, Zambia and the Indian Ocean, Barclays Bank Plc.
Details of Barclays branches are awaited in Kenya, on the Nairobi Securities Exchange and in Botswana, on the Botswana Stock Exchange. Only Barclays holdings in these listed subsidiaries will be included in the proposed combination.
The proposed combination will, among other things, require the approval of the Boards of Barclays and Absa as well as the shareholders of Absa and regulatory approvals in the relevant jurisdictions.