Wednesday, April 30, 2025
25.9 C
Lagos

Barclays Bank Confirms Exit from Africa

The British banking group Barclays has confirmed that it will exit the African market.

“We will sell down our 62 percent stake in Barclays Africa Group Ltd over the next two to three years to a level that allows us to deconsolidate the unit,” the lender said in a statement.

Barclays added that selling its shares in the bank, which resulted from the merger between Absa Group and its other African subsidiaries (Botswana, Ghana, Kenya, Mauritius, Uganda, Seychelles, Tanzania, Zambia), is the translation of its wish “to concentrate on its two main divisions that produce more than 10% return on equity, Barclays UK and Barclays Corporate and International.”

The British Group, led since December 1, 2015, by Jes Staley, formerly at the American bank, JPMorgan, holds 62.3% of Barclays Africa, most of the remaining shares is listed on the JSE. Given the value of the share of Barclays Africa, Barclays’ share is worth R71.9 billion (€4.1 billion).

Barclays Africa, whose share dropped 6.8% on February 29, on JSE, before recouping to trade down at 5.5%, announced it made a net profit of R14.3 billion ($900 million) in 2015 against R13.2 billion in 2014.

Barclays has been in Africa for over 100 years.

The British Group also previously said its net losses in 2015 doubled to £394 million (€500 million) as a result of PPI mis-selling scandal in the U.K.

spot_img
spot_img
spot_img

Hot this week

Inspenonline Summit to Stimulate Interest for Good Retirement

The 2025 Inspenonline Retirement Summit is aimed at stimulating...

Banks, Telecoms, Mobility Brands Dominate Q1 2025 Media Performance Charts

Following the Central Bank of Nigeria’s directive to harmonize...

PenCom, NERC Partner to Enforce Pension Compliance by GENCOs, DISCOs

From left: NERC Commissioner, Planning, Research and Strategy, Dr...

PenCom Moves to Recover N1.3bn Pension Contributions for Journalists

From left: Dr. Dili Ezughah, Executive Secretary, Nigerian press...

Stanbic IBTC Bank Drives Regional Trade Innovation at GTR West Africa 2025

Stanbic IBTC Bank has successfully concluded its strategic participation...

Topics

NNPC Chief Emphasises Role of Gas in Driving Economic Growth, Industrial Development

  Representative of the GCEO, NNPC Limited and Head of...

‘I Will Support President Tinubu’s Agenda Using STI’ – New NASENI Boss

R-L: Mr. Khalil Suleiman Halilu, Executive Vice Chairman/CEO, National...

‘Tier-Based Capitalisation Poses Threat to Insurance Sector’

Dr. Akin Ogunbiyi, Chairman, Mutual Benefits Assurance Plc has...

IMF Seeks Increase in Banks’ Capital Requirement in West Africa

Citing rising level of non-performing loans at 15.7 per cent and commercial banks’ borrowing from their central banks at nine per cent of liabilities in the West African Economic and Monetary Union (WAEMU), the International Monetary Fund (IMF) has strongly advocated increase in banks’ capital adequacy requirements to maintain sound financial stability for regional economic growth. The Fund observed that while the average capital adequacy ratio of banks (9.3 percent) was above the minimum required (8 percent) at the end of June 2014, it was however lower than the minimum required in half of the countries in the region, just as the level of non-performing loans reached 15.7 percent of total loans.

Non-Performing Loans: CBN Should Probe Banks for Shady Loans –LCCI

The Lagos Chamber of Commerce and Industry (LCCI) has called on the Central Bank of Nigeria (CBN) to consider probing the loan portfolios of banks to determine if the rising cases of non-performing loans or loan defaults are due to shady practices in loan approvals by the banks.

Stanbic IBTC Bank Supports GTR West Africa 2025 to Strengthen Regional Commerce

Stanbic IBTC Bank, a leading financial institution committed to...

WorldRemit Partners Lebara on Money Transfer Service to Africa

Lebara and WorldRemit, two leading brands serving international residents,...

NAIPCO to Honour 21 Insurance, Pension Operators with Award

No fewer than 21 outstanding companies and individuals in...
spot_img

Related Articles

Popular Categories

spot_imgspot_img