Banking: StanChart beds down Absa buy

The customers and personnel of Absa’s custody and trustee business have been moved to the securities services division of Standard Chartered (StanChart) in South Africa, marking the last milestone in the deal. StanChart announced in April that it had agreed to buy the Absa business, building on its acquisition of the African custody business of Barclays in 2010. The UK-based banking group already has a presence in 14 other markets in Africa and in the past three years, it has invested $100 million (R1 billion) to expand its regional branch network by 100 outlets. StanChart, which previously had a Johannesburg office, opened corporate offices in Cape Town and Durban earlier this year. - Business Report