Absa completes separation process from Barclays

Absa is celebrating substantial completion of its separation programme from Barclays PLC, three years after the start. The separation, one of the largest and most complex corporate programmes of its kind, followed Barclays PLC’s 2016 decision to reduce its shareholding in the African group to a minority position. Barclays became the majority shareholder in Absa in 2005 and the two groups subsequently integrated systems, processes and policies over time. Michael Avery sits down with Absa Engineering Services CE Paul O’Flaherty, Paul, to find out how his team managed to unscramble that omelette. A herculean effort, but coming from Arcelor Mittal and Eskom, perhaps not quite a Sisyphean task as turning those ships round for O’Flaherty.