Absa said on Friday it has agreed to sell Bankhaus Wolbern, its German private banking and closed-end fund initiation business.

Prominent Hamburg-based businessman and private equity investor Professor HM Schulte will buy the German business for an undisclosed amount.

Absa announced its intention to sell Bankhaus Wolbern in 2005, soon after UK banking group Barclays took a majority stake in the South African-based bank.

The local banking group noted the sale was consistent with its strategy to refocus its business activities in Africa.

Absa purchased Bankhaus Wolbern in 1995 and transformed the bank into one of Germany's leading initiators of closed-end real estate funds.

Despite hitting an all-time high of 115.30 rand on the JSE on Friday, Absa shares slipped 0.9 percent to end at 112.70 rand.

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