Absa Group said on June 8 its separation program from British Barclays, which started in June 2017, is almost completed. When the program is completed, Barclays will still hold a minority stake of 14.9% in the capital of the South African group.
“The separation required the replacement or rebranding of millions of assets in 12 countries, including technology solutions. It was the largest single data and system migration in Africa as customers in nine countries were switched to a new online banking platform, improving customer experience through greater stability and upgraded user interfaces in several countries,” said Daniel Mminele, CEO of Absa Group.
“A total of 270 projects have been delivered as part of the separation program, and all technical solutions have been built. Six projects will be concluded in the next few months,” he added.
Since the separation program was launched, both partners have been concerned about the risk of large-scale failures in the banking system and the erosion of their customer base. Barclays claims it contributed nearly R12.6 billion to this program in 2017.
As a reminder, Barclays, which owned a majority stake in the South African company, announced in 2016 its intention to reduce its stake in the capital of its South African subsidiary (formerly known as Barclays Africa Group). The reason, the British company said, is that holding shares in foreign banks had become less profitable, especially after the 2008 financial crisis and its repercussions on the international banking system.
Following this announcement, the company gradually reduced its shares in Barclays Africa Group (renamed Absa Group in 2018) from 62.3% in 2013 to 14.9% currently.
Chamberline Moko
• Inflation within the West African Economic and Monetary Union (UEMOA) fell to a two-year low of 0....
Flutterwave gained a BCEAO license to operate in Senegal, expanding to 35 African countries. ...
In Africa, the private sector is widely seen as the main engine of industrialization and plays a cen...
President Paul Biya, 92, to seek eighth term in October 2025 election In power since 19...
• Interbank volumes rose 18.7% in May, while rates declined across the market• The BCEAO cut its mai...
Highlights: • Kobold Metals signed an agreement in principle with the DRC government on July 17, 2025.• The deal includes the Manono lithium project,...
Highlights: • Global cocoa processing down across all major regions in Q2 2025• ECA: Europe’s grindings at lowest since 2020, Asia at lowest since...
Highlights: • Egypt targets 42% renewable energy share by 2030.• POWERCHINA to build 130-km high-voltage line signed on June 25.• National grid expansion...
Highlights: • EXIM Bank issues letter of intent for $150M to support Botswana's NexMetals• US eyes battery-grade nickel sulphates and cobalt from...
Ashenda is a vibrant traditional festival celebrated primarily in northern Ethiopia, particularly among the Tigray and Amhara communities, as well as in...
The Emerald Sea is a vast turquoise lagoon located in the northern part of Madagascar, just a few kilometers from the town of Antsiranana (formerly Diego...