Barclays plans to sell Zimbabwean operation
by Malcom Sharara,
2016-03-02 10:52:42.0
HARARE — Barclays plc has announced its intention to exit its Zimbabwean operations, which it says no longer fit its long-term core strategy.
In a notice published by Barclays Bank Zimbabwe on Wednesday, Barclays said its Zimbabwean operations would transfer to its noncore division, with an intention to sell in the future.
"Following the decision not to combine Barclays Zimbabwe with Barclays Africa (the former Absa), the business is no longer a good fit with Barclays’s core strategy," Barclays said.
"Once Barclays’s plan to combine Barclays Zimbabwe with Barclays Africa had come to an end, it was logical that Barclays would consider where that business sat in its wider strategy."
The Reserve Barclays plans to sell Zimbabwean operation Bank of Zimbabwe also published a statement on Barclays's intention to disinvest in nine jurisdictions, including Zimbabwe, over the next two or three years.
The central bank assured stakeholders that at this stage Barclays’s strategy would not affect the going-concern status of Barclays Bank Zimbabwe in its everyday operations, and said Barclays remains a safe and sound financial institution.
Barclays Zimbabwe has total equity amounting to $54.2m.
For the period ended December 31 2015, the bank gave out loans amounting to $141m and had deposits to the tune of $233.9m.
The bank was profitable, with profit for that period amounting to $3.8m.
Barclays plc on Tuesday confirmed its intention to reduce its 62.3% stake in Barclays Africa.
Fin24
Picture: BLOOMBERG/CHRIS RATCLIFFE
HARARE — Barclays plc has announced its intention to exit its Zimbabwean operations, which it says no longer fit its long-term core strategy.
In a notice published by Barclays Bank Zimbabwe on Wednesday, Barclays said its Zimbabwean operations would transfer to its noncore division, with an intention to sell in the future.
"Following the decision not to combine Barclays Zimbabwe with Barclays Africa (the former Absa), the business is no longer a good fit with Barclays’s core strategy," Barclays said.
"Once Barclays’s plan to combine Barclays Zimbabwe with Barclays Africa had come to an end, it was logical that Barclays would consider where that business sat in its wider strategy."
The Reserve Barclays plans to sell Zimbabwean operation Bank of Zimbabwe also published a statement on Barclays's intention to disinvest in nine jurisdictions, including Zimbabwe, over the next two or three years.
The central bank assured stakeholders that at this stage Barclays’s strategy would not affect the going-concern status of Barclays Bank Zimbabwe in its everyday operations, and said Barclays remains a safe and sound financial institution.
Barclays Zimbabwe has total equity amounting to $54.2m.
For the period ended December 31 2015, the bank gave out loans amounting to $141m and had deposits to the tune of $233.9m.
The bank was profitable, with profit for that period amounting to $3.8m.
Barclays plc on Tuesday confirmed its intention to reduce its 62.3% stake in Barclays Africa.
Fin24
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