S.Africa's Absa raises $3.85 mln in pref placement

(Reuters) - South Africa's Absa Bank, a unit of Absa Group Ltd, raised 27.9 million rand by placing 31,223 preference shares at a price of 894.19 rand a share, the bank said on Tuesday.

The preference shares have an effective dividend rate of 72.25 percent of prime, it said in a statement.


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Absa to place R1-2 bln in pref shares

South African biggest retail bank Absa Bank Ltd will place between 1-2 billion rand in preference shares to maintain its Tier I capital base, the bank said on Tuesday.

Absa Bank, a unit of Absa Group Ltd majority owned by Britain's Barclays Plc., said it intended to place the preference shares to selected investors at an effective 74 percent of prime interest rate.

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