Barclays Bank leaving Africa

Barclays Bank leaving Africa

Tuesday, March 1, 2016 11:35 am

Barclays bank  exiting African business

Barclays bank exiting African business

Barclays Plc reported a 2 percent fall in full-year adjusted pre-tax profit on Tuesday and unveiled plans to simplify its UK & international operations to boost returns and cut costs, primarily by exiting its historic African business.

The British lender said it would sell down its 62 percent stake in Barclays Africa Group  to focus on two main sibling divsisions, Barclays UK and Barclays Corporate and International, two of its strongest divisions generating in excess of 10 percent return on equity.

News of the restructuring came as the bank reported 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.



Join The Conversation

What do you think?

This site uses Akismet to reduce spam. Learn how your comment data is processed.