Don’t panic; business as usual at ABSA
may have heard that Barclays is pulling out of ABSA. The British bank bought into our local ABSA in 2005 but is now selling its stake in order to drive drastic cost-reductionsAnd while we don’t yet know who they will be selling to, what are sure about is that it is ‘business as usual at ABSA’.
With a R162 billion market cap and almost 9.3 million customers in 2015, ABSA remains reputable and stable, despite severing ties with Barclays. As Barclays Africa boss, Maria Ramos, keeps reassuring the bank’s customers, there is no reason why Barclays’ withdraw from ABSA should affect customers in any way.