Barcleys PLC has decided to exit from Africa to refocus the bank on its core UK and US markets, the Financial Times said on Friday, citing sources familiar with the matter.
ADVERTISEMENT
Barclays to retreat from Africa
The bank decided that it makes strategic sense to move out of the continent after review of the African business, the FT said
The board has appointed a subcommittee to study the practicalities of how and when to sell Barclays Africa, the FT said.
Over the past century, Barclays has built one of the continent’s largest lenders, employing 44,000 staff and operating 1,267 branches. The business spans much of sub-Saharan Africa but its profits come mainly from its 62% stake in Absa bank in South Africa, according to the SundayTimes.
The process could take "months or years," unnamed source to the SundayTimes.
ADVERTISEMENT
Barclays’ African business had 36 billion pounds ($54 billion/Sh5.5 trillion) of assets on a risk-adjusted basis and made a profit of 791 million pounds in the first nine months of this year, or 13 per cent of the bank’s core profits.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.com.gh
Recommended articles
Parents will soon beg for their children to enrol in public basic schools -Dr Osei- Adutwum
Government rebrands public basic schools, set to change brown and yellow uniforms
I won’t apologize for ECG Manager's arrest – Ashanti Regional Minister
Trailblazing Prof. Jane Agyemang: The political powerhouse shaking up the NDC!
John Mahama can’t succeed me as President because I defeated him twice – Akufo-Addo
President Biden signs law to potentially ban TikTok if not sold
I won’t be a driver’s mate to John Mahama – Prof. Naana Opoku-Agyeman
‘Dumsor’ challenges will end in a few days – ECG Board Chairman assures Ghanaians