All essential requirements have been achieved to complete the $186 million merger of Absa and Barclays Africa, Absa said on Monday.

Absa, which is South Africa’s biggest retail bank, and its parent company, Barclays, said the pre-requisites included endorsements in Botswana, Ghana, Kenya, Mauritius, Seychelles, South Africa, Tanzania, Uganda and Zambia.

This was the final obstacle in the Barclays and Absa’s multi-billion deal to allow Absa to acquire African assets of Barclays. The deal will be finally “delivered” next week.

Maria Ramos, CEO of Absa, described this move as a crucial achievement for Barclays in Africa. She is also Barclays’ Africa CEO.

“The deal marks an extraordinary milestone that sets us firmly on course to become the ‘Go-To’ bank on the continent,” Ramos said.

She said the finalisation of the deal meant Absa could now speed up the continent’s global prospects.

In terms of the deal, Absa Group Limited will alter its name to Barclays Africa Group on 2 August 2013.

However Ramos said the Absa brand will continue to be used in South Africa and the Barclays brand will stay in other countries.

Barclays will have a 62.3 percent shareholding in Barclays Africa. Barclays Bank Kenya and Barclays Bank Botswana will still be quoted on their own bourses in their countries.

Egypt and Zimbabwe have not been included in this deal. However, they continue to be a crucial part of Absa’s African business.

Ramos said the merger will increase Absa’s footmark in the African continent.

Ramos said the bank was well-placed to conquer Africa and take up opportunities in economies that have the most growth potential in the world.