President Thabo Mbeki has hailed the Absa/Barclays deal as an "inspiring and unequivocal vote of confidence" in a democratic South Africa.
Writing in the ANC's weekly online letter ANC Today, Mbeki said the deal was made particularly significant by the fact that Barclays Bank had chosen to disinvest from the country during the height of apartheid.
He likened the effect of the deal to a recent announcement that General Motors, which had also disinvested in the 1980s, planned to assemble the new GM Hummer H3 vehicle at its plant in Port Elizabeth.
"They have now returned in strength to make their contribution to the successful development of a new and free South Africa that belongs to all who live in it.
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"In practical action they are also making the statement that they are ready and willing to accompany us as we contribute whatever we can to the success of the African renaissance," he said.
"Their actions confirm the willingness of many corporations around the world to be part of the solution to Africa's problems, and not part of the problem."
The cabinet endorsed the deal this week with government spokesperson Joel Netshitenzhe saying the deal - in which Barclays Bank will acquire a majority stake in Absa - represented the confidence of the international financial community in SA's future.
- This article was originally published on page 6 of Saturday Argus on May 14, 2005
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