Barclays Poised To Announce Sale Of African Business As Strategic Re-Focus Continues - Report

Tom Burroughes

29 February 2016

will announce as soon as tomorrow that it is exiting its African operations to focus on UK and US markets, the Financial Times has reported, citing unnamed sources. The report comes as the bank is said to be close to disposing of its Asian wealth management business.

The new chief executive, Jes Staley, is to issue an announcement, the FT said. The bank’s board has decided that in principle it is sensible to quit Africa.

A sale of the bank's 62.3 per cent stake in its Johannesburg-listed subsidiary will depend on numerous factors, including market conditions and the response of regulators. Such a disposal would be worth around $4.83 billion, based on existing market levels.

Barclays declined to comment to this news service.

If Barclays does quit the African market, it will end an association with the continent that dates back decades.

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Earlier in February, Barclays appointed Paul Compton as group chief operating officer. He joins from JP Morgan Chase in May into a newly configured role.