Johannesburg - Barclays Africa has reiterated that the company, which has a controlling stake in SA’s big four bank Absa, is committed to Africa.
This comes after suggestions that the global bank would be selling out of its African units as it seeks to cut costs.
The bank has also come under fire, most notably from the Economic Freedom Fighters, which accused it of manipulating the currency so the rand would lose value, allowing the bank to profit.
In a statement issued on Monday, the bank said it remains “committed to Africa, where we continue to be optimistic about our growth prospects, and to operate in the normal course of business”.
UK-based Barclays, which owns 62.3 percent of Barclays Africa, continues to evaluate its strategic options in relation to its shareholding in Barclays Africa Group and expects to update the market at the time of its 2015 full-year results announcement on March 1.
Barclays Africa is an independently-listed entity on the Johannesburg Stock Exchange, regulated by the South African Reserve Bank and “we are well capitalised with a track record of strong returns”.
Maria Ramos, Barclays Africa CEO, says in a statement: “We continue to offer a full and integrated range of products and services to more than 12 million customers in 12 countries across Africa and our customers can be just as confident doing business with us today as they have always been.
“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.”
In 2013, Barclays Africa was established when 12 banks across the continent were brought together.
“In doing so, we put the future of this organisation firmly in our own hands,” Ramos says.
Barclays Africa Group is the majority (in some cases sole) shareholder of Barclays Africa operations in South Africa, Kenya, Botswana, Ghana, Zambia, Mauritius, Mozambique, Seychelles, Uganda and Tanzania (Barclays Bank Tanzania Limited and National Bank of Commerce Limited).
Any announcement relating to Barclays’ shareholding in Barclays Africa does not impact the shareholding and ownership of these operations, it says.
“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,” Ramos says.
IOL