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  • Matt Spencer

Barclays Africa: Truth about shutting down Africa operations

Barclays Africa: Shutdown or remain open for business?

If you’ve been following the news about Barclays Africa, you will have noticed the many stories floating around on social media and various news sites, about shutting down their Africa operations.

News articles are publishing that Barclays PLC Chief Executive Jes Staley has decided to announce the exit of the bank’s operations in Africa. The articles also state that the board has appointed a subcommittee to study how and when to sell Barclays Africa. [Read more]


To set the record straight, the company issued an official press release today: Barclays Africa remains committed to Africa and continues to be optimistic about their growth prospects in Africa. Business will continue to operate as per normal.

Read the official Barclays Africa press release HERE

Barclays PLC, which owns 62.3% of Barclays Africa, has stated that they expect to announce a financial results market update during their 2015 full-year results announcement tomorrow (1 March 2016) .

Furthermore, Barclays Africa Group Limited (BAGL) is the majority (in some cases sole) shareholder of the BAGL operations in the following African countries:

  1. South Africa

  2. Kenya

  3. Botswana

  4. Ghana

  5. Zambia

  6. Mauritius

  7. Mozambique

  8. Seychelles

  9. Uganda and Tanzania (Barclays Bank Tanzania Limited and National Bank of Commerce Limited)

This means that any announcement relating to Barclays PLC’s shareholding in BAGL does not impact the shareholding and ownership of these operations.

With more than 12 million customers across 12 countries across Africa Barclays Africa are deeply rooted in Africa where the franchise possesses assets of over R1 trillion, according to Maria Ramos, Barclays Africa Group Chief Executive. They also possess an independent board and are independently listed on the Johannesburg Stock Exchange (JSE).

“We are deeply committed to the success of our continent. Our destiny is in Africa,” Ms Ramos said.

I tweeted Barclays Africa where they confirmed that everything is business as usual.


See below for the CA Global Twitter conversation with Barclays Africa Twitter:



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