Barclays Africa lists on JSEThe newly formed Barclays Africa has made its JSE debut, replacing Absa.
The listing, which was done August 2, was labelled a "milestone in South African corporate history" and the new entity is set to boast 1,300 branches and 10,400 ATMs across 10 countries.
The South African operation will maintain the Absa name. A re-branding exercise will result in Barclays Botswana, Ghana, Kenya, Mauritius, the Seychelles, Tanzania, Uganda and Zambia.
"This is a tremendously exciting and significant moment for Absa and Barclays," said Wendy Lucas-Bull, Chairman of Barclays Africa Group. "For Absa, it opens the door to improving our long-term growth prospects. This is also a big deal for Barclays. Everybody wants a piece of the continent. Barclays understands that Africa offers great opportunity which is why it is one of its core pillars of future growth."
The move follows Absa Group's R18.3 billion acquisition of Barclays' African business.
"I see the deal as a major vote of confidence in Maria Ramos and her executive team," Lucas-Bull added. "The deal signifies that Barclays has entrusted a core pillar of its growth strategy to Ms Ramos and her team, who have been tasked with running and delivering the Africa opportunity on behalf of the Group."
Africa is Barclays Group's largest region after the UK and U.S., contributing 11 percent of the firm's first half profit before tax.
Image: © Getty
Copyright is owned by Africa Outlook and/or Outlook Publishing. All rights reserved.