Absa Fails To Gain Control Of Angolan Bank; Sells 50% Stake
June 12 2009 - 4:07AM
Dow Jones News
Absa Group Ltd. (ASA.JO), South Africa's largest retail lender,
Friday said it has sold its 50% stake in Banco Comercial Angolano
Sarl to six of the Angolan bank's shareholders for an undisclosed
sum.
Absa said its strategy is to obtain controlling stakes in banks
in selected African countries, but it was unable to get outright
control of BCA.
"Angola remains an attractive market to Absa and the group shall
consider opportunities to invest should they arise," the
Johannesburg-based company said.
The disposal will reinstate full ownership of BCA in the hands
of Angolan shareholders.
Company Web site: www.absa.co.za
-By Robb M. Stewart, Dow Jones Newswires; +27 11 783 7848;
robb.stewart@dowjones.com