Barclays Bank To Exit Africa

Barclays bank is expected to wind up operations in Africa.

The decision was arrived on Tuesday last week at a review led by Staley and plans to announce the exit on Tuesday, the FT said.

The bank has appointed a subcommittee to study how and when to sell Barclays Africa.

Barclays’ African business had 36 billion pounds ($54 billion/Sh5.5 trillion) of assets on a risk-adjusted basis and made a profit of 791 million pounds in the first nine months of this year, or 13 per cent of the bank’s core profits.

Kenya is among the countries to be affected by the move that will see more than 2,000 Kenyans lose their job. When contacted; Barclays Bank of Kenya CEO Jeremy Awori refused to comment on the matter to avoid market speculation.