Barclays buys into South African market

Barclays announced a full-scale return to South Africa today after confirming it would pay £2.9bn (€4.2bn) for a 60% stake in leading retail lender Absa.

Barclays buys into South African market
Mon, 09 May, 2005 - 11:06

Barclays announced a full-scale return to South Africa today after confirming it would pay £2.9bn (€4.2bn) for a 60% stake in leading retail lender Absa.

The UK banking giant, which pulled out of South Africa 18 years ago amid protests from anti-apartheid groups, described the deal as the largest ever foreign direct investment in South Africa.

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CourtsBusinessHeathrowPlace: South AfricaPlace: UKPlace: JohannesburgPlace: AfricaPerson: John VarleyPerson: VarleyOrganisation: BarclaysOrganisation: Absa
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