Barclays Plc new chief executive officer Jes Staley speaks at a past event. PHOTO|FILE
British Bank, Barclays has confirmed it will be selling its stake in Barclays Africa.
The UK bank has a 62.3 per cent share in the African operation. Speculation has been rife that Barclays wants to get out of Africa.
"As part of the simplification of the group, we have decided, subject to required shareholder and regulatory approval to reduce our interest in Barclays Africa to a non controlling, non consolidated position over the next 2-3 years, said Jes Staley, CEO, Barclays PLC.
The banking giant revealed annual losses after tax of $549 million.
Consequently Barclays has reduced its business to two divisions Barclays UK and Barclays Corporate and International.
READ: Barclays calms depositors over Africa exit
The UK bank has a 62.3 per cent share in the African operation. Speculation has been rife that Barclays wants to get out of Africa.
"As part of the simplification of the group, we have decided, subject to required shareholder and regulatory approval to reduce our interest in Barclays Africa to a non controlling, non consolidated position over the next 2-3 years, said Jes Staley, CEO, Barclays PLC.
The banking giant revealed annual losses after tax of $549 million.
Consequently Barclays has reduced its business to two divisions Barclays UK and Barclays Corporate and International.
READ: Barclays calms depositors over Africa exit
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