Barclays Africa says the focus and strategy of its subsidiaries in Ghana and others in the continent will not be affected despite separation from its UK business.
Barclays Africa Group announced that it has agreed on terms for operational separation with UK-based Barclays PLC, which is reducing its shareholding in Barclays Africa.
The agreement is expected to unlock opportunities for Barclays Africa as an independent pan-African bank.
UK-based Barclays PLC announced on March 1, 2016, that it intends to sell the majority of its shareholding in Barclays Africa over a period of two to three years.
Since then, Barclays PLC and Barclays Africa Group have worked jointly to ensure the best outcome for all of our stakeholders.
Barclays PLC has submitted an application to the South African Reserve Bank for approval to reduce its shareholding in Barclays Africa Group to below 50 percent.
The application, which also requires the approval of the Minister of Finance includes the terms of the separation payments and transitional services arrangements, which have been agreed between Barclays PLC and Barclays Africa.
Responding to a question posed by JOYBUSINESS in an investor and media conference call from South Africa, Chief Executive, Maria Ramos said the separation, would rather help it focus more on the region, whiles growing its business in Ghana and other areas on the continent.
Barclays in May 2016 managed to sell about 62 percent of this to institutional investors, leaving the parent company with 50 percent stake in the Africa Business.
The Separation will pave the way for Barclays Africa to look for new owners.
Barclays Africa depends on its UK parent for a range of services, including technology, branding, human resources, credit risk management, strategic development and operational management support.
Barclays PLC has submitted an application to the South African Reserve Bank for approval to reduce its shareholding in Barclays Africa Group to below 50 percent.
The application, which also requires the approval of the Minister of Finance, includes the terms of the separation payments and transitional services arrangements, which have been agreed between Barclays PLC and Barclays Africa.
