London based Barclays Bank and its subsidiary Absa Group has agreed to integrate majority of its African operations with Absa, as part of its ‘One Bank in Africa’ strategy to strengthen pan-African financial operations.
A group of black South African shareholders has sold a stake in Absa Group , the country's biggest retail bank, worth about $370 million, exiting one of the post-apartheid era's high profile "black empowerment" deals.
Shares of Absa Group turned negative in afternoon trade on Wednesday after it said its veteran deputy chief executive would step down next year, reflecting the latest management chain at the Barclays-controlled lender.
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