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Barclays Africa Says It’s Here To Stay . . . But For How Long?

Barclays Africa Group CEO Maria Ramos says they remain optimistic about South Africa

Barclays is expected to make a huge announcement on Tuesday, and many, including those who bank with Absa, which is owned by Barclays, are wondering what the news will be.

It has been speculated that the bank will announce that it is pulling out of Africa, but on Sunday, Barclays Africa reassured its customers that it remains committed to the continent.

“We continue to be optimistic about our prospects in Africa, where we have a strong franchise with assets of over R1 trillion. We are deeply committed to the success of our continent. Our destiny is in Africa,” Barclays Africa Group CEO Maria Ramos told Fin24 on Monday.

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In a series of tweets, Barclays Africa moved to reassure concerned customers that their money remained safe.

The Financial Times reported on Saturday that after a review of its African business, the company’s board had made a decision to exit Africa in order to focus on the UK and US markets.

South Africa’s ailing economy, corruption and the devaluing rand are reportedly some of the factors that have led to Barclays CEO Jes Staley apparently viewing Africa as a costly distraction for the company.

Barclays owns a 62,3% stake in Barclays Africa, and it was reported in December that the bank has plans to sell its African operations.

source: destinyconnect

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Written by PH

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