The move follows Absa Group’s R18.3 billion acquisition of Barclays’ African business to form the continent’s largest retail bank by branch networks and client base, Business Day reported.
Absa issued 129.5 million ordinary shares to increase Barclays’ stake in it from 55.5% to 62.3%, creating the newly-formed Barclays Africa.
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.
Barclays Bank Kenya and Barclays Bank Botswana will retain their listings on their respective exchanges.
Egypt and Zimbabwe were excluded in the transaction due to political and economic turmoil.
Speaking to Business Day earlier this week, Absa Group and Barclays Africa CEO, Maria Ramos said the continent was a key focus area for growth.
She said the bank was in a strong position to grow in retail banking, corporate and investment banking and the card business.
According to iol.co.za, Barclays would be targeting Africa’s growing millionaires’ club as the world’s fastest growing continent swelled the ranks of the wealthy.