THE BIG READ
Changing face of ownership at big banks
Absa’s split from Barclays passed final milestone this month
Absa’s announcement this week that it has substantially and successfully completed its separation from former parent Barclays, on time and on budget, was a major milestone — one that should yield benefits in new skills, new energy and new systems that go well beyond the separation itself.
But it was a milestone too for a banking sector that over the past four years has been transforming its ownership structure, with unbundlings and separations — driven by the need to unlock value for shareholders and/or keep regulators happy — at five of SA’s big six banking groups.