/ 2 June 2009

Absa increases stake in Blue Financial

South Africa’s biggest retail bank, Absa, has increased its stake in Blue Financial Services to 21%, the micro-financier said on Tuesday.

Blue said it had also concluded a bridging agreement worth R120-million with Absa, to help grow its loan book.

Absa, which is now Blue’s second-largest shareholder, bought a 16% stake in the firm in January. — Reuters