Barclays Africa Group may change name after Barclays PLC exit

May 27, 2016
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Barclays PLC plans to reduce its interest in Barclays Africa Group to a non-controlling stake in the next two to three years/FILE
Barclays PLC plans to reduce its interest in Barclays Africa Group to a non-controlling stake in the next two to three years/FILE

, NAIROBI, Kenya, May 27 – Barclays Africa Group is considering changing its brand name when the Barclays PLC fully sells its controlling stake.

Barclays Africa Retail and Business Banking Chief Executive Roy Ross says the management is looking into the issue and will make the decision in the near future.

His statement comes three weeks after Barclays PLC sold 12 percent stake in Barclays Africa Group as it kicks off its exit in the African market

“They did sell 12 percent two, three weeks ago and that has given us a lot of encouragement from the investor community that this is a very strong franchise that we have across the African continent. I think my message is the brand may change, and that is a ‘may; it may also not. But inform of structure, this business will remain unaltered,” Ross said on Thursday.

Barclays PLC plans to reduce its interest in Barclays Africa Group to a non-controlling stake in the next two to three years.

Barclays PLC has a 62.3 percent stake in Barclays Africa, which is valued at Sh492 billion.

The firm had stated that Africa was becoming a costly distraction owing to the devaluation of the South African Rand, and extra risks of corruption and misconduct in Africa which would tarnish the entire African operation if something was to go wrong.

Ross has however continued to assure that despite the changes the business will remain strong since there will be no change of structure.

He was speaking in Kitengela where Barclays bank Kenya opened its 120th branch, which will target business and retail customers operating in the highly entrepreneurial town.

“This event here today is an evidence of Barclays Africa Group commitment to invest in not only in Kenya, but also in the African continent. This is a clear sign that we are here to stay,” Ross empasised.

With these changes Barclays PLC plans to refocus on its core United Kingdom and United States markets.

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