Absa Group Limited - Finalised sale of Bankhaus WO
ASA
AMAGB
Absa Group Limited - Finalised sale of Bankhaus WOlbern
ABSA GROUP LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1986/003934/06)
JSE share code: ASA
Issuer code: AMAGB
ISIN: ZAE000067237
(Absa)
ABSA GROUP LIMITED: FINALISED SALE OF BANKHAUS WOLBERN
Further to the announcement dated 20 January 2006, Absa is pleased to announce
that it has completed the sale of Bankhaus WOlbern, its German private banking
and closed-end fund initiation business, to the prominent Hamburg-based
businessman, physician and private equity investor, Professor Dr. H M Schulte.
Absa announced its intention to sell Bankhaus WOlbern in 2005, soon after
Barclays Bank PLC acquired a majority stake in the South African based bank. The
sale is consistent with Absa"s strategy to focus its business activities in
Africa.
Absa purchased Bankhaus WOlbern in 1995. Under the leadership of its current
chief executive officer Eric Hirsch, Bankhaus WOlbern has become one of
Germany"s leading initiators of closed-end real estate funds, managing a
property portfolio in excess of Euro2,5 billion.
Clifford Chance Frankfurt and UBS advised Absa on the transaction.
Enquiries:
Jacques Schindehutte
Group executive director
Absa Group Limited
5th floor, Absa Towers East, 170 Main Street, Johannesburg
Tel: (+2711) 350-4850 Fax: (+2711) 350-8433
e-Mail: jacquessc@absa.co.za
Issued by:
Jacques Badenhorst
Investor Relations
Absa Group Limited
4th floor, Absa Towers East, 170 Main Street, Johannesburg
Tel: (+2711) 350-4061 Fax: (+2711) 350-6487
e-Mail: jacques.badenhorst@absa.co.za
Lead sponsor:
Merrill Lynch South Africa (Proprietary) Limited
Co-sponsor:
Absa Capital - Corporate Finance, a division of Absa Bank Limited
Johannesburg
31 August 2006
Date: 31/08/2006 05:00:05 PM Produced by the JSE SENS Department
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