Barclays seeks to combine Africa businesses

August 21, 2012
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The proposed tie-up was “the next logical step in delivering our ‘One Africa’ strategy/FILE
LONDON, Aug 21 – Barclays on Tuesday said it was in talks about combining the majority of the British bank’s Africa operations with Absa – the lender’s African subsidiary.

“This is expected to involve the combination of Barclays interests in Botswana, Ghana, Kenya, Tanzania, Uganda, Zambia and the Indian Ocean with Absa, with Barclays Bank plc remaining as the majority shareholder of the combined African operations,” the British group said in a statement.

Maria Ramos, chief executive of Absa Group and Barclays Africa, said the proposed tie-up was “the next logical step in delivering our ‘One Africa’ strategy, which Barclays plc announced last year.

“We have already consolidated the regional offices for Absa Africa and Barclays Africa, as well as introduced a global product strategy for banking across the continent.

This proposed combination of the businesses will mirror the managerial and operational structure we have already put in place.”

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