Barclays confirms it is exiting Africa

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Britain's scandal-hit Barclays bank is expected on Thursday to announce 20,000 job losses over the next three years in a major shake-up of its investment division, according to media reports.

JOHANNESBURG - British bank, Barclays has confirmed it will be selling its stake in Barclays Africa.

The UK bank has a 62.3 percent share in the African operation. Speculation has been rife for some time that it had wanted out.

Barclays on Tuesday said net losses more than doubled last year as it announced plans to gradually reduce its majority stake in the group&39;s African unit.

"We are today announcing our intention to sell down our 62.3-percent interest in our African business, BAGL, over the coming two to three years," Barclays said in a statement and revealed annual losses after tax of £394 million ($549 million, 505 million euros) for the bank as a whole.

 

 

 

The sale is one of the biggest disinvestments in South Africa since the 1980s. 

On Monday morning, Barclays Africa shares took a knock on the JSE, losing as much as 6.8 percent.

Earlier on Tuesday, Absa Bank, Barclays Africa Group’s South African subsidiary, stuck to its script tweeting:

Twitter messages on Absa’s official account and website included: “Our future as Barclays Africa is bright and our ambition to be Africa’s leading bank remains unchanged.”

Reaction on Twitter has appeared as follows:

 

 

 

 

 

 

 

 

 

 

- Additional reporting: AFP / Africa News Agency

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