Absa to take over Bank Gaborone

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South Africa's largest retail bank, Absa is set to take over Bank Gaborone in a development that could result in a merger in the local financial market.

Absa, which is 60 percent owned by Barclays Plc, on Friday announced that it has tabled a take over offer for Namibian financial services firm Capricorn Investment Holding (CIH) which is the majority shareholder in Bank Windhoek and Bank Gaborone.

If the deal goes ahead, it will result in two faces of Barclays Bank on the local market as the financial institution, which is UK's  third largest bank, and already has a 67 percent controlling stake in Barclays Bank Botswana.

Editor's Comment
Happy Independence!

We are 56 years old and what do we have to show for it? Looking at where Botswana started and where it is today, there are a lot of developments, but whether the developments match the number of years we have enjoyed as a country is a topic for another day.The fact that cannot be denied is we have seen major developments, but we are still lacking in several pertinent areas.Our beautiful country imports almost everything. We import fuel, food,...

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