Barclays Completes Takeover of Absa Bank Worth Nearly $4.5 Billion

Published on:
12 September 2006 at 10:19 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00002872-barclays-completes-takeover-of-absa-bank-/

British bank Barclays PLC has completed a deal to acquire 53.96 percent of all ordinary shares in South Africa’s Absa group.

The deal, worth nearly 30 billion rands (US$4.5 billion, euro3.7 billion), is the largest foreign direct investment in South African history.

“Today is the day that we begin to combine our resources and skills to create the pre-eminent bank on the African continent,” Absa chief executive Steve Booysen said.

For this complete story, please visit Barclays Completes Takeover of Absa Bank Worth Nearly $4.5 Billion.

Barclays Completes Takeover of Absa Bank Worth Nearly $4.5 Billion

Unknown Author

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