Barclays opts out of Africa

摘要

Barclays has confirmed its plans to sell its Africa business, following months of speculation, as the UK bank seeks to develop a more transatlantic focus. Over the next two to three years, the lender is aiming to lower its 62% stake in Barclays Africa Group, which has a presence across 10 countries and employs 45,000 people, to less than 20%. Barclays Bank Egypt and Barclays Bank Zimbabwe, two separate operations, will also be sold. The move comes as new chief executive, Jes Staley, has stated his intention to simplify the structure of the bank while pursuing higher shareholder returns. The bank will then focus on two divisions, Barclays UK and Barclays Corporate and International, a structure that will ringfence its retail banking operations from riskier business lines in accordance with regulatory requirements.