Barclays seals its push to become Africa's largest bank

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The Independent Online

Barclays has finalised its plan to become the largest bank in Africa, selling its operations there to its South African offshoot Absa for £1.3bn.

The all-share deal will see Barclays' stake in Absa raised from 55.5 per cent to 62.3 per cent, and is the final stage in a long-term plan driven by the former chief executive Bob Diamond.

Johannesburg-listed Absa will be renamed Barclays Africa, but it will continue to use the Absa brand in South Africa. The bank will have 14.4 million customers.