Barclays's South African subsidiary, Absa Bank, is buying up the private label store card portfolio of retail chain Edcon.
The £0.8bn deal will also see Absa and Edcon enter a long-term, strategic relationship under which Absa will provide retail credit to Edcon customers and Edcon will be responsible for all customer facing activities.
Edcon is a non-food retailer operating 1,167 stores in South Africa, Botswana Namibia, Swaziland, Lesotho and Zambia.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Completion is expected in the second half of 2012.
Barclays shares were up 5.2% by 10:59
BS
-
Saba Capital and Boaz Weinstein respond to investment trustsAs investment trust managers and industry experts accuse Saba of self-motivated opportunism, the hedge fund responds to specific "misleading claims" and sets out its stall
-
How to find top-quality companies with growing dividendsIan Mortimer, portfolio manager of Guinness Global Equity Income Fund, shares where he would put his money for sustainable and growing dividends
