Barclays Group\u2019s decision to pull out of Barclays Africa and Absa has nothing to do with any conspiracy or the economic environment in South Africa, CEO Maria Ramos said on Tuesday.<\/p>\n
\u201cIt\u2019s never easy to go through these changes, but we have strong results, a clear strategy and we are in great shape,\u201d Barclays Africa tweeted its CEO as saying. \u201cWe have 42 000 colleagues across the continent that are focused and energised. This is a fantastic franchise.\u201d<\/p>\n
\u201cChanges in global banking regulatory environment made it difficult for Barclays (Group) to own a subsidiary like Barclays Africa.\u201d<\/p>\n
Barclays Africa closed 2% higher on the JSE on Tuesday, trading at R138.89 with a market cap of R117.74bn.<\/p>\n
Speaking to Bruce Whitfield on Radio 702, Ramos explained that the UK-based bank\u2019s decision to relinquish its 62% controlling share of its African unit was because it needed to get its own house in order.<\/p>\n
\u201cIt has absolutely nothing to do with any conspiracy and has nothing to do with economic environment, whether it\u2019s in South Africa or anywhere else across the continent,\u201d she said.<\/p>\n
Analysts and traders like TradersCorner.co.za founder Garth Mackenzie disagreed.<\/p>\n
\u201cThe rumours of Barclays selling their African business first surfaced after (Nhlanhla) Nene was fired in December,\u201d Mackenzie told Fin24.<\/p>\n
\u201cThe weakening of the rand, (which dropped 25% against the dollar in 2015), has negatively impacted the value of Barclays\u2019 investment,\u201d he said. \u201cParticularly in the past six months.\u201d<\/p>\n
News24<\/a><\/p>\n More on Absa<\/p>\n Barclays is selling off its stake in Absa \u2013 confirmed<\/a><\/strong><\/p>\n Absa shares tumble amid sale reports<\/a><\/strong><\/p>\n Absa responds to Barclays sale reports<\/a><\/strong><\/p>\n