Absa Group Limited (JSE:ABG) reached an agreement to acquire Custody, Trustee and Derivatives clearing Services in Johannesburg from Société Générale Société anonyme (ENXTPA:GLE) on January 18, 2019. Absa agreed to acquire the related activities conducted by Societe Generale in South Africa, notably its client portfolio, IT systems and all the employees dedicated to these activities. The securities lending and borrowing services are not part of the transaction and will be terminated by end of March 2019.

The transaction is subject to the approvals of the relevant regulatory authorities, which are anticipated to be obtained by end of 2019.