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Merger between Sasfin Bank, Absa Bank unit gets competition nod

South Africa's Competition Tribunal said it approved the merger of Sasfin Holdings Ltd. unit Sasfin Bank Ltd. and Absa Bank Ltd. unit Absa Technology Finance Solutions Pty. Ltd without conditions.

South African Economic Development Minister Ebrahim Patel sought assurance from both companies that all staff affected by the merger would be transferred, the tribunal noted, after which both companies gave an undertaking affirming that there would be no retrenchments or job cuts resulting from the merger. The merger will give Sasfin Bank control of ABSA Technology Finance Solutions, which provides financing for office automation equipment, the tribunal said.

Absa Bank is a unit of Barclays Africa Group Ltd.