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South Africa's Absa trades as Barclays Africa as deal concludes Absa Group trades as Barclays Africa on Friday after close of a $2 billion deal where South African bank took over its parent's African operations
Shares of Absa Group began trading on the Johannesburg Stock Exchange as Barclays Africa on Friday, after the close of a $2 billion deal where the South African bank took over its parent's African operations. Under the deal, which received final regulatory clearance last month, Britain's Barclays sold eight of its African businesses to Absa for $2 billion of new shares in the South African bank. Barclays Africa Group, 62.3 percent owned by its British parent, will retain the Absa brand in South Africa. Absa was founded in 1991 as the Amalgamated Banks of South Africa from the merger of several historically Afrikaner banks including the Volkskas and Allied Groups. Operations in Zimbabwe and Egypt were left out of the deal, given the tumultuous politics. The Kenyan and Botswana operations will retain their local listings. Africa is Barclays largest region after the United Kingdom and the United States, contributing more than 10 percent of its pre-tax profit. Barclays Africa shares were down 0.9 percent at 139.90 rand at 1025 GMT. Its shares are the worst performer this year among South Africa's "Big Four" banks, down nearly 15 percent. Earlier this week, the bank released its final set of results under the Absa name, delivering an 8 percent rise in half-year earnings. Its full-year results will be released under the Barclays Africa name next year. http://english.ahram.org.eg/News/78148.aspx