Barclays to sell off African operations

Barclays which had a big stake in the African market is deciding on plans to sell off its African operations according to the Guardian online.   

This follows the new outlined strategy by the new CEO of the organisation Jes Staley. According to the report “In 2005, Barclays spent £2.9bn on a 60% stake in local banking group Absa, 20 years after being forced out by anti-apartheid protesters. By 2012, the bank was boasting that it was making 20% of its profits out of the continent”. This all seems to have changed and has caused the current review of the banks strategy for growth. Staley however, has based the decision on the downturn in the African economy and the devaluation of the rand as its major African operations is in South Africa. 

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