Barclays Africa and Asba Group are discussing combining their
operations. Asba, a subsidiary of Barclays, said that the two
groups are currently in talks about combining the majority of the
Barclays Africa operations with Asba, in order to fulfil
shareholders plan to operate as one bank in Africa.

Barclays declined to comment on its impact on wealth operations
when contacted by PBI.

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Barclays PLC as majority shareholder

The banks said in a statement that the joining of the two
institutions is expected to involve the combination of Barclays’
interests in Botswana, Ghana, Kenya, Tanzania, Uganda, Zambia and
the Indian Ocean with Absa.

Barclays Bank would remain the majority shareholder of the
combined African operations.In a statement, Absa also said that
listings of Barclays subsidiaries in Kenya, on the Nairobi
Securities Exchange, and in Botswana, on the Botswana Stock
Exchange, would be maintained.

Only Barclays holdings in these listed subsidiaries would be
included in the proposed combination.

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However, the banks said that combination was at the discussion
stage and had not yet been confirmed. The proposal is not expected
to be completed until 2013.

Banks issue shares warning

Shareholders are currently being advised to be cautious when
dealing in Absa’s shares as the proposed combination may have a
material effect on the price of Absa’s shares, the banks
warned.

Absa Group and Barclays Africa chief executive Maria Ramos said
that the proposal “will provide a platform for further growth that
we firmly believe will be to the benefit of our colleagues, our
customers and clients, our shareholders and the communities in
which we operate.”