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In May 2005, Barclays of the United Kingdom purchased 56.4 percent stake in Absa, [14] which was criticized by the then-governor of the South African Reserve Bank, Tito Mboweni, who said he "had yet to see the benefits of Barclays' management of Absa". [15] With the acquisition, Absa Group Limited was rebranded as Barclays Africa Group Limited.
The bank's history traces from 1916 when the National Bank of South Africa (now First National Bank) opened a branch. In 1925, National Bank of South Africa was merged with the Anglo-Egyptian Bank and the Colonial Bank in 1925 to form Barclays Bank (Dominion, Colonial and Overseas). This brought the Kenyan operations under Barclays Bank. [7]
By 2001, the bank had become a wholly owned subsidiary of Barclays. [15] Since March 2016, the bank has been wholly owned by the Barclays Africa Group. [16] With the re-branding of Barclays Africa Group, in 2018, Absa Bank Uganda is a 100 percent subsidiary of Absa Group Limited. [17]
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Barclays operates as two divisions, Barclays UK (BUK) and Barclays International (BI), supported by a service company, Barclays Execution Services (BX). [ 4 ] Barclays UK consists of UK Personal Banking, UK Business Banking and Barclaycard Consumer UK businesses, carried on by a UK ring-fenced bank (Barclays Bank UK PLC) and certain other ...