Connect with us

Hi, what are you looking for?

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

Kenya

Barclays Africa Group may change name after Barclays PLC exit

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.

Advertisement. Scroll to continue reading.

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

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...