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Barclays Pls. plans to sell down stake in Barclays Africa Group

01 March 2016, 13:36

Nairobi – Barclays Plc. on Tuesday reported 2 percent fall in full-year adjusted pre-tax profit and have expressed plans to wean down UK and international operations in order to boost returns and cut costs by leaving its African businesses, reports Standard Media.

Also read: Barclays Africa caution pays off as bad debt charges fall.

The remainder of its Barclays Africa Group stake will be sold in order to focus on the two strongest divisions, Barclays UK and Barclays Corporate and International.

There was news of restructuring as a weaker than expected adjusted pretax profit of 5.4 billion pounds ($7.52 billion) for the year to Dec. 31, compared with 5.502 billion a year earlier.

 The figure was below the average forecast of 5.772 billion from a consensus of analysts' forecasts.

Barclays Africa Group was created by combining Absa Group and Barclays' African operations.

Meanwhile Barclays Bank of Kenya (BBK) on Monday denied plans to exit the country despite an announcement by its parent company Barclays Plc which it said would not impact the shareholding and ownership of operations in individual African countries.

BBK Managing Director Jeremy Awori said the bank has a strong financial base and dismissed speculative reports in local and international media about Barclays considering exiting Africa.

"The Barclays Bank of Kenya is not shutting down. I reiterate. Barclays Bank of Kenya is not shutting down and there are no plans at local, regional or group level to shut down our operations here," Awori said in a statement issued in Nairobi.


- News24


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