Tuesday, October 7, 2025
28.3 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

Ecobank Nigeria Launches Upgraded Mobile App for Faster, Smarter Banking Experience

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Ortom, NOA DG, Others to Feature as Panelists at GOCOP 2025 Conference

The Guild of Corporate Online Publishers (GOCOP) has announced...

AIICO Celebrates Retiring Employees: Honouring Decades of Service with Gratitude

Left - right: Adeleke Adeshina (rtd), Lanre Oladehinde (rtd.),...

Nigeria’s Banking Woes: How One South African Bank Outvalues an Entire Industry

It is a sobering reality that one South African...

Topics

Polaris Bank, NCF Partner on Tree-Planting Drive to Combat Carbon Emissions in Rivers

Polaris Bank has partnered with the Nigeria Conservation Foundation...

Emirates Opens New Lounge for Children

Young travellers flying Emirates as unaccompanied minors can now...

NAICOM, Katsina State Partner on Takaful Insurance

The National Insurance Commission (NAICOM) has kick-started a sensitisation...

Digitisation: Tackling Access to Finance for SMEs

By Michelle Knowles and Oladapo Adeigbe Access to finance remains...

Wema Bank Promises N90m Reward for Customers in Season 3 of 5 for 5 Promo

Wema Bank Plc, the leading financial institution in Nigeria...

Consumers Association Backs NAICOM on ‘No Premium, No Cover’ Policy

The Insurance Consumers Association of Nigeria (INSCAN) has expressed...

AIICO Insurance Unveils Recycling Project for a Greener Future

  AIICO Insurance Plc is stepping up its commitment to...
spot_img

Related Articles

Popular Categories

spot_imgspot_img