Soc Gen to sell custody, trustee and derivatives clearing services
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Soc Gen to sell custody, trustee and derivatives clearing services 18 January 2019Johannesburg Reporter: Maddie Saghir
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Absa Group is to acquire Societe Generale鈥檚 custody, trustee and derivatives clearing services operated in Johannesburg.
According to Soc Gen, Asba agreed to acquire the related activities conducted by Societe Generale鈥檚 in South Africa, notably its client portfolio, IT systems and all the employees dedicated to these activities.
The transaction is subject to the approvals of the relevant authorities, which are anticipated to be obtained by 2019.
Meanwhile, the securities lending and borrowing services are not part of the transaction and will be terminated by end of March 2019.
Maria Ramos, Absa Group CEO, commented: 鈥淔or Absa, the acquisition supports our growth strategy in Africa. The transaction allows Absa to re-establish a firm foothold in the custody and trustee services market and provides us with the opportunity to expand our offer to corporate clients in South Africa.鈥�
She added: 鈥淥ur strategic intent is, in time, to provide these services across markets where we have a presence.鈥�
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