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
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.