The strategic combination of the majority of Barclays Africa operations with Absa Group Limited (“Absa”) cleared a crucial hurdle today when Absa minority shareholders overwhelmingly voted in support of the transaction. Shareholders also approved the change of name of the JSE-listed entity from “Absa Group Limited” to “Barclays Africa Group Limited” to reflect the enlarged nature of the business. The change of name would take effect once the transaction closes, which is expected in the first half of 2013 subject to the required regulatory approvals and fulfilment of other conditions precedent.

Once completed, Barclays Africa Group Limited will hold 100% of the shares in Barclays Africa Limited, the proposed holding company for the in-scope businesses as outlined in the Circular to Shareholders dated 14 December 2012.

Absa Group Chief Executive Maria Ramos said after the shareholders vote: “This is an exciting and transformational deal that will create a high-quality franchise in Africa with a leading network of more than 1 300 outlets and 10 400 ATMs across ten countries. The vote of confidence from Absa’s independent shareholders today is an important milestone in our journey towards becoming the ‘Go-To’ bank across Africa.”

The combined, JSE-listed business will serve approximately 14.4 million customers and employ around 43 000 people across ten[1] countries.

Results of the General Meeting:

• Ordinary Resolution to approve the proposed transaction: 96% in favour. For purposes of the JSE listing requirements, the votes of Barclays Bank PLC and its associates are excluded
• Special Resolution to approve the change of name: 99% in favour
• Special Resolution to approve the allotment and shares in issue: 98% in favour
• Ordinary Resolution to grant authority to give effect and implement all the resolutions: 99% in favour.

As part of a regional entrepreneurship awareness campaign, ‘Unlocking Youth Potential’ , a team of volunteers from across Barclays Seychelles will spend half a day coaching some 40 young, aspiring entrepreneurs on Wednesday 12 June, 2013 at the STC Conference Room.

The aim is to introduce the youth to the concepts of entrepreneurship, critical thinking and communication. The ‘Unlocking Youth Potential’ is a platform that will empower the youth with the skills to develop their ideas, grow their business and help them to achieve economic independence.

Commenting on this initiative, Barclays Seychelles Acting Managing Director Gift Moonga said, “As an organisation, Barclays has a clear sense of our business purpose, which is to help people achieve their ambitions in the right way. Our Citizenship agenda captures that purpose. Demonstrating our commitment to the Citizenship agenda is one of our key priorities, and our Stewardship value encourages us to leave things better than we found them. We do this through community investment programmes and the direct efforts of our colleagues.”

Colleen Morel, Head of Citizenship, added ‘‘The ‘Unlocking Youth Potential’ campaign focuses on entrepreneurial education of youth. This initiative is a skills-sharing platform that provides colleagues with volunteering opportunities to promote entrepreneurial thinking and culture among the youth. Through this initiative, we will positively impact not only the ambitions of Seychelles youth, but also the communities in which we live and work.

Seychelles joins twelve other countries in which Barclays has a presence on the continent, in the implementation of this initiative.

Today, the National Bank of Commerce (NBC) management formally welcomed their New Managing Director, Mizinga Melu. She was formerly with Standard Chartered Zambia, where she served six years as the Managing Director of the bank.

Melu is a seasoned banker with vast industry experience, having previously served in several other senior roles at Standard Chartered. The roles included Global Head of Development Organisations in the United Kingdom where she was responsible for strategy development and implementation; as well as Africa Regional Head of Financial Institutions in Kenya and South Africa where she led formulation of Standard Chartered’s FI business strategy in Africa.

Not new to Tanzania, Melu has served as Head of Treasury at Standard Chartered Bank Tanzania between 2000 and 2003. Prior to that role, she acted as Head of Treasury in Uganda and Zambia in 1998 and 1999, respectively.

In addition to holding an MBA from Henley Management College (UK) and being an Associate of the Chartered Institute of Bankers (A.C.I.B), Melu holds numerous other banking qualifications.

Melu will be taking over from Interim Managing Director Pius Tibazarwa, who is also Head of Treasury at NBC. Tibazarwa has been upholding the Managing Director’s office, since the beginning of the year.