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International

Barclays Africa to fight $86-million fine over acquisition benefits

June 22, 2017 Reprints

South Africa-based banking firm Barclays Africa Group Ltd. said that it will appeal a court decision that it should pay an $86 million fine over its acquisition of Bankorp Ltd., Business Report reported citing Bloomberg. Busisiwe Mkhwebane, public protector, said that Barclays Africa benefited from state support when it bought Bankorp from its shareholder South Africa-based financial services firm Sanlam Ltd. in 1992 after the country's central bank helped keep Bankorp afloat.

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Barclays Africa to fight $86-million fine over acquisition benefits

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