Absa eyes expansion after Barclays ‘divorce’

Over 130,000 interviews in a brand name survey and a 12 billion rand (Sh90bn) ‘divorce’ settlement from the Barclays PLC, the Amalgamated Banks of South Africa (Absa) went live on the Johannesburg Stock Exchange last week with the lender promising to shake the banking landscape.

And immediately following the move the lender, with an eye on a pan-African look, said it will adopt a digital-first strategy in offering its products. It has set its sights on a 12 per cent market share of banking revenues in Africa promising a bruising battle for customers through acquisitions and strategic partnerships.