SABC News - Barclays sells African unit:Tuesday 1 March 2016

Barclays sells African unit

Tuesday 1 March 2016 12:18

Tshepo Mongoai

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

Barclays Africa Group was created by combining South Africa's Absa Group and Barclays' African operations. (SABC)

British bank Barclays has announced that it will sell its 62% stake in the Barclays Africa Group, confirming weeks of speculation.

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

Barclays Africa CEO Maria Ramos says the bank will ensure that change in shareholding in the company brings a satisfactory outcome for all stakeholders.

Ramos says Barclays Africa's strategy will remain the same despite a change in shareholding.

Last month, Barclays Africa reiterated that they remain committed to Africa and they continued to be optimistic about growth prospects.

Barclays Africa is an independently-listed entity on the Johannesburg Stock Exchange, regulated by the South African Reserve Bank and is capitalised with a track record of strong returns.

In 2013, Barclays Africa was established as a leading African bank when 12 banks across the continent were brought together.

Barclays Africa Group is the majority shareholder of the operations in South Africa, Kenya, Botswana, Ghana, Zambia, Mauritius, Mozambique, Seychelles, Uganda and Tanzania.

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