{UAH} Barclays to wind down African business: FT

Barclays to wind down African business: FT

ReutersSaturday, Feb 27, 2016

20160227_Barclays.jpg

A Barclays bank office is seen at Canary Wharf in London, Britain May 19, 2015.

Reuters

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Barclays PLC Chief Executive Jes Staley has decided to shut the bank's operations in Africa, the Financial Times said on Friday, citing sources familiar with the matter.

The bank's board took the decision last week at a review led by Staley and plans to announce the exit on Tuesday, the FT said. (http://bit.ly/1Ljam8V) The board has appointed a subcommittee to study how and when to sell Barclays Africa, the FT said.

No comment was immediately available from Barclays.

Staley's review came after South African President Jacob Zuma decided to change his finance minister twice in less than a week at a time when the economy is under severe stress.

Barclays' African business had 36 billion pounds ($54 billion) of assets on a risk-adjusted basis and made a profit of 791 million pounds in the first nine months of this year, or 13 per cent of the bank's core profits.

- See more at: http://business.asiaone.com/news/barclays-wind-down-african-business-ft#sthash.yQGGQL8M.dpuf

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Gwokto La'Kitgum

"Even a small dog can piss on a tall Building", Jim Hightower

"But this I know, UPC believed and still believes in

very high education. We can call Obote all bad names we have, but the bottom line remains that he got more scholarships for Buganda than all previous Uganda leaders combined. That includes Sir Edward Mutesa, President Lule, President Binayisa, up to and into Ssabasajja Mutebi. Who all happen to be Baganda leaders." Mulindwa

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