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Barclays' Intended Acquisition Could Change Competitive Dynamics Of South African Banking May 05
Standard & Poors, May 2005
Abstract
LONDON (Standard & Poor's) May 9, 2005--Standard & Poor's Ratings Services said today that the firm intention of U.K.-based Barclays Bank PLC (Barclays; AA/Stable/A-1+) to acquire a majority shareholding in Absa Group Ltd. (Absa; not rated), the parent of Absa Bank Ltd. (Absa Bank; BBBpi/--/--), could change the competitive landscape of the South African banking sector. 'If completed, the acquisition of up to 60% in Absa, one of the largest financial services groups in South Africa, would result in the re-entry of Barclays into South Africa and in it becoming the largest international player in the South African banking sector,' said Standard & Poor's credit analyst Alise Ross. At year-end 2004, Absa had South African rand (R) 295.8 billion ($52.2...
Companies mentioned in this report are: Barclays Bank PLC,South Africa (Republic of),Absa Bank Ltd. (Unsolicited Ratings)
Action: General Comment
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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