Barclays Africa lists on JSE
The now pan-African group has concluded the largest acquisition by a bank in Africa.
JOHANNESBURG - Barclays Africa Group Limited made its debut on the Johannesburg Stock Exchange on Friday morning, marking a milestone in South African corporate history.
The Chairman of Barclays Africa Group, Wendy Lucas-Bull, spoke to 567 CapeTalk/Talk Radio 702's Bruce Whitfield on Friday night about the changes to Absa Group.
Lucas-Bull said, "It's an exciting day for Barclays, it's the biggest acquisition ever by a bank in Africa. An R18.3 billion deal was landed so the name change is a celebration of a completion of a big deal."
She said it brings together a completion of a deal across nine jurisdictions and regulators across Africa.
The now pan-African group has concluded the largest acquisition by a bank in Africa, almost two months ahead of deadline.
Barclays has been a majority shareholder in Absa for a long time and the only thing that's changed is the name.
"The name of the listed vehicle has changed to give our shareholders exposure not only to the growth but also growth potential across eight jurisdictions in Africa which will also give our shareholders more opportunities."
The acquisition gives stakeholders access to markets with robust growth and positions the group to seize opportunities in Africa.
Lucas-Bull added there is strong competition at the moment but the fact that she's been the chairman on FNB and has consulted at Standard Bank and Investec before working at Barclays gives them an advantage.