Standard Chartered to buy Absa's S.African custody business

JOHANNESBURG, April 18 Thu Apr 18, 2013 3:17am EDT

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JOHANNESBURG, April 18 (Reuters) - Absa Group said on Thursday it will sell its South African custody business to Standard Chartered, as the London-based lender steps up its presence in the continent's top economy.

Absa's sale of the operation follows that of its parent Barclays Plc, which sold its custody businesses in Africa to Standard Chartered in 2010.

Absa did not disclose the size of the deal, but said it would not be material to the group.

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