BARCLAYS Plc’s retreat from Africa is not a “sudden divorce” that will leave subsidiary Barclays Africa and its operations picking up the pieces, says departing corporate and investment bank CEO Stephen van Coller.
“(The two banks have) been separating slowly since 2009,” he says over coffee in a trendy Johannesburg restaurant.
Barclays Plc bought 55% of the shares in the then-Absa for $5.5bn in 2005, but the global financial crisis of 2008-09 led to a number of regulatory reforms, which ultimately led to its decision in 2016 to sell down the shares in its African unit to avoid having to hold capital against it.
For more on this story visit the following link: Barclays in an orderly retreat from Africa
Source: Business Day Live