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Barlcays Plc plans Africa exit but African subsidiary reiterates commitment to the continent

Barlcays Plc plans Africa exit but African subsidiary reiterates commitment to the continent

Finance

Barclays Plc announced on Sunday that it plans to exit Africa operations.

According to media reports, Barclays chief executive Jes Staley is planning to make the announcement during the bank’s investors briefing on Tuesday.

It is said that the bank wants to put more focus on its core market in the United Kingdom and the United States.

Barclays Plc handed ownership of its eight African business to its South African subsidiary in exchange for a 62.3 percent stake in the new Barclays Africa entity, under a deal that was concluded three years ago.

The Africa business is made of subsidiaries in 12 countries with a total of 1,267 branches employing 45,000 employees.

However, Barlcays Africa group has said that any that any announcement by its London-listed parent company Barclays Plc would not impact the shareholding and ownership of operations in individual African countries.

In a statement released on Monday, Barclays Africa group reiterated that it remains committed to Africa.