After much speculation, Britain’s Barclays Bank Plc announced on Tuesday that it intends to sell down its 62.3 percent interest in Barclays Africa Group over the next two to three years.
A statement from Barclays Africa confirmed the decision, saying it was clear that the decision was “due to recently introduced regulatory burdens specific and particular to Barclays Plc as a UK-headquartered and globally significant financial institution”.
A statement from Barclays Africa on Monday had seemed to predict this decision, while reiterating its own commitment to Africa and optimism about its growth prospects.
The statement said: “Barclays Africa is an independently-listed entity on the Johannesburg Stock Exchange, regulated by the South African Reserve Bank and we are well capitalised with a track record of strong returns.”
Maria Ramos, Barclays Africa Chief Executive, was quoted as saying: “We continue to offer a full and integrated range of products and services to more than 12 million customers in 12 countries across Africa, and our customers can be just as confident doing business with us today as they have always been.
“With an independent board and a separate listing on the Johannesburg Stock Exchange we are deeply rooted in Africa and remain firmly in control of our future.”
South African subsidiary Absa Bank had earlier on Tuesday stuck to the script with Twitter messages on its official account and website including: “Our future as Barclays Africa is bright and our ambition to be Africa’s leading bank remains unchanged.”
The Financial Times of London was on Tuesday quoting Jes Staley, Barclays Plc’s new chief executive, as saying: “At the heart of Barclays strategy is to build on our strength as a transatlantic consumer, corporate and investment bank anchored in the two financial centres of the world, London and New York.”
– African News Agency (ANA)
