The public information ('pi') rating on Absa Bank Ltd. (Absa Bank) reflects its strategic importance to its new majority shareholder U.K.-based Barclays Bank PLC (Barclays; AA/Stable/A-1+), its strong retail position in the South African market, strengthened financial profile, and dominant position within Absa Group Ltd. (Absa), one of the largest financial service providers in South Africa. The rating continues to be constrained by the socioeconomic and competitive challenges of operating in South Africa. Absa is expected to benefit from integration into Barclay's strong risk-management culture, and from Barclays' value-based management framework and economic profit targeting. The integration is not without execution risk, however. Wholly owned by Absa, Absa Bank accounted for more than 80% of Absa group revenues. A diversified
