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South Africa: Barclays mergers given approval from finance minister, hurdles remain

By  |  April 10, 2013
South Africa: Barclays mergers given approval from finance minister, hurdles remain

While the Competition Commission has yet to approve of the acquisitions, the Minister of Finance publically green-lit the mergers of eight Barclays Africa groups with Absa Group. The mergers were not without conditions, however, as the Minister ensured that the combined entity be legally constituted in South Africa. The resulting business will be known as Barclays Africa Group. As of Monday, the Commission has reported that Absa Group has not yet notified the authority of the deal. The Reserve Bank, however, recommended to the ministry of finance that the deal be approved.

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