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South Africa: Barclays wins clearance to merge African operations with Absa

 |  July 22, 2013

Barclays bank has won clearance to acquire Absa Group Ltd., a South Africa-based lender in which Barclays already holds a majority stake. Absa will trade under Barclays Africa Group Ltd. beginning on August 2. Regulators within Kenya, Botswana, Ghana and others have already approved of or waived the buyout. Absa will maintain its name within South Africa, say reports. Barclays’ stake in Absa will rise from 55.5 percent to 62.3 percent through the transaction.

Full Content: Bloomberg

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