Absa Group targets a banking license in Nigeria

ABSA is seeking a banking license in Nigeria. The South African banking group
which began its activities on the Nigerian Stock Exchange at the end of July, as part of its plans to provide financial services, hopes to strengthen its presence in a country considered as the gateway to Africa. West.
“As a bank, we are studying how we will enter Nigeria from the perspective of a commercial banking license. We would like to buy something but the valuations are quite high. So the entry is just going to be a mix of organic growth and acquisition, but it depends on valuation, “said Garth Klintworth, Barclays Africa Group’s Head of Markets.
For the former subsidiary of Barclays Africa Plc, a presence in Nigeria is essential to complete its pan-African character.
“We have a strong presence in many other countries that account for about 60-70% of Africa’s gross domestic product (GDP) but we need to be present in Nigeria and that’s what’s missing in our strategy,” added Garth. Klintworth.
Absa Bank Limited (Absa) was a wholly-owned subsidiary of Barclays Africa Group until it sold its majority stakes in 2017, resulting in a change of name of Barclays Africa’s subsidiaries to Absa by the end of 2020.