Barclays says it remains committed to Africa

UK-based Barclays Africa Group Limited (BAGL) on Monday dismissed speculation that it will disinvest from Africa and said it was fully committed to its African operations.

“Barclays wishes to reiterate that we remain committed to Africa, where we continue to be optimistic about our growth prospects, and to operate in the normal course of business,” The group said in a statement.

This follows a report in the Financial Times on Friday that London-based parent Barclays Bank wanted to exit its African operations.

Barclays PLC, which owns 62.3% of Barclays Africa, on Sunday said it continues to evaluate its strategic options in relation to its shareholding in Barclays Africa Group Limited and expects to update the market at the time of its 2015 full-year results announcement on 1 March.

Barclays PLC and Barclays Africa Group Limited will announce their 2015 financial results on Tuesday.

Maria Ramos, Barclays Africa Group chief executive in the statement said Barclays has a future in Africa.

“With an independent board and a separate listing on the Johannesburg Stock Exchange we are deeply rooted in Africa and remain firmly in control of our future. We are deeply committed to the success of our continent. Our destiny is in Africa,” Ramos said.

“In doing so, we put the future of this organisation firmly in our own hands,” Ramos said.

Ramos said she continues to be optimistic about Barclays’ prospects in Africa, where the bank has a strong franchise with assets of more than R1 trillion. – African News Agency