• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Uncategorized

Barclays completely pulls out of African market with £538million Absa sale

3 years ago
in Uncategorized
2 min read
0 0
0
228
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Barclays completely pulls out of African market with £538million Absa sale

British multinational bank and lender, Barclays announced it has exited the African market after selling its remaining 7.4% stake in South African bank, Absa as a final process that was started six years ago.

Earlier this year, Barclays sold a similar sized stake for £526 million. This sale makes its largest and most dramatic pull from Africa. The exit also marks the final step in Barclays’ plans to withdraw the vast majority of its presence from Africa. A plan that was set in motion back in 2016 when Jes Staley, the CEO of Barclays at the time said the firm would shift to focus more of its efforts in the US and Britain.

Those plans started a venture that caused the bank to sell its 62% ownership in Barclays Africa, a joint venture between Absa and Barclays that employed some 45,000 people before the time of the exit or about a third of all Barclays employees. With millions of customers served, Absa controls banks in ten African nations, including Ghana, Kenya, Botswana, and Tanzania.

The shift in focus toward the UK and the US also includes plans to end smaller operations in Asia, Brazil, parts of Europe and Russia.

Barclays was South Africa’s biggest lender until 1986 when it left the country at the height of apartheid. The bank later returned and restarted its operations in the country with its corporate and investment banking division in 1995 when the climate was calmer.

The bank restarted its retail banking operation in the country in 2005. The British lender’s only presence in Africa will now be reduced to a representative office in Johannesburg which is able to support its investment, private and corporate banking clients.

RelatedPosts

Gold Boom Drives Rising Costs for Australian Producers

Nigerian Stock Market Creates Largest Pool of Billion-Dollar Stocks in 2025

Africa Private Investment Nearly Doubles to $3bn on Mega Deals

What they are saying

Bosses at Barclays said the 7.4% sale would earn Barclays around £538 million, representing around a £31million loss on its investment.

The bank also confirmed that while they have offloaded the remaining stakes, they do still have one remaining office in Johannesburg with 15 staff who work with investment corporate and private banking clients and more than 100 Africa-focused bankers around the world.

Barclays said the earnings from the sale will be channelled into general corporate purposes.

History of Barclays in Nigeria
  • In 1925, Union Bank of Nigeria bank became known as Barclays Bank DCO (Dominion, Colonial and Overseas) after it was acquired by Barclays Bank. After Nigeria’s independence in 1960 and the enactment of the Companies Act of 1968, the bank was incorporated as Barclays Bank of Nigeria Limited (BBNL, est. 1969).
  • Between 1971 and 1979, the bank went through a series of changes including its listing on the NSE and its shares acquired and transfers were driven by the Nigerian Enterprises Promotion Acts (1972 and 1977).
  • This resulted in Barclays bank evolving into a new wholly Nigerian-owned enterprise. To reflect the new ownership structure, and in compliance with the Companies and Allied Matters Act of 1990, the name was changed to Union Bank of Nigeria Plc.

Tags: Absa and BarclaysBarclaysBarclays completely pulls out of African market with £538million Absa sale
No Result
View All Result

Highlights

Gold Boom Drives Rising Costs for Australian Producers

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

Premier League: Spurs Stun Man City at Etihad; Arsenal Dominates Leeds to go Top

CHAN 2024: Senegal, Sudan Complete Semifinal Lineup

From Promise to Peril: How Exam Fraud is Eroding Ghana’s Educational Soul

The 10 Fastest-Growing Trading Nations in Africa

Trending

Features

The Global Push for a Just Transition in Energy Jobs

August 24, 2025

The Global Push for a Just Transition in Energy Jobs For years, energy workers from the fossil...

Why the IEA Reinstated Its “Business as Usual” Scenario

August 24, 2025

GRA Targets Offshore Income in Expanded Tax Compliance Drive

August 24, 2025

Gold Boom Drives Rising Costs for Australian Producers

August 24, 2025

La Liga: Barcelona Stages Late Comeback Against Levante as Atletico Madrid Drops Points Again

August 24, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.