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February 29, 2016updated 04 Apr 2017 1:30pm

Barclays to exit African business

British bank Barclays is planning to close its African operations to refocus the bank on its UK and US operations.

By Verdict Staff

British bank Barclays is planning to close its African operations to refocus on its UK and US operations.

The bank, which has had operation on the continent for almost a century, is planning to sell nearly 62% of stake in Barclays Africa Group.

The African group houses most of the banks African operations, including the South African branch network Absa, which has a balance sheet of a ZAR991bn.

The move comes following the announcement of the bank’s full-year results under the headship of its new chief executive Jes Staley.

Recently, the investment bank has also announced plans to trim its banking operation by closing smaller unit in Asia, Brazil, Europe and Russia.

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