Minister of Finance Trevor Manuel has the authority to take a decision on the Barclays bid to buy a majority share in Absa — but he may wish to put the matter to Cabinet before the announcement is made, says government spokesperson Joel Netshitenzhe.
Netshitenzhe was speaking on Thursday following Wednesday’s Cabinet meeting.
The next Cabinet meeting is scheduled in two weeks’ time — heightening speculation that Manuel will make an announcement at that point. He told journalists in Cape Town on Wednesday that no decision has been taken on the matter “yet”.
It was reported on February 24 that Manuel had received the final recommendation from the Registrar of Banks regarding the pending offer by international bank Barclays to take up a controlling stake in Absa.
Netshitenzhe said the matter was not put to Cabinet on Wednesday but when asked whether this is a necessary procedure, he said: “My understanding is that the finance minister has the right and responsibility to take a decision of that nature. He may wish to consult Cabinet because of the major implications [of the decision].” — I-Net Bridge