Barclays divestiture will not impact jobs - Bank's Kenya CEO

The chief executive officer of Barclays Bank Kenya has said that a decision by the mother Bank Barclays Plc to sell its Africa business would not lead to job cuts in the East African country.

The British Bank has spoken of plans to simplify its UK and international operations to boost returns and cut costs, primarily by exiting its African business interests.

Close to 62 percent stake in Barclays Africa Group stands to be cut down with a focus on two main sibling divisions, Barclays UK and Barclays Corporate and International, given priority.

“Consequently the announcement does not impact the shareholding and ownership of Barclays Bank of Kenya and will not have any impact on the day to day running of our business or on our customers, clients and colleagues in Kenya,” said Jeremy Awori.

“Barclays Bank of Kenya has best-in-class ratios on capital, liquidity and non performing loans, which ensures we are able to deliver value to all our stakeholders. Our institution is founded on, and governed by clear structures and sound business practices that have ensured our successful existence in this country for the last century. We remain committed to delivering our growth strategy which is anchored on offering excellent service to our customers and value for our shareholders.”

“We're here to drive banking services to the farthest corner of this country” JeremyAwori #BBKAgencyBanking pic.twitter.com/JlHrjtZlNP

— Barclays Bank Kenya (Barclays_Kenya) March 2, 2016

New Chief Executive of Barclays PLC, Jes Staley said it will take two to three years to sell the bank’s majority shareholding of Barclays Africa Group.

Barclays Africa Group was created by combining Absa Group and Barclays’ African operations.