Sports

Barclays pulls out of African market after almost 100 years with £538million Absa sale

Published

2 years ago

September 3, 2022

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.

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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.

Related Topics:Absa Barclays CEO Featured Jes Staley South African bank

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EPL: Arteta makes Premier League ‘guarantee’ after Champions League exit

Published

1 day ago

April 18, 2024

Seun Okerayi

Arsenal manager, Mikel Arteta has promised that the team will be “fully focused” on the Premier League title race after they exited the Champions League on Wednesday night.

The Gunners lost 1-0 to Bayern Munich in Germany and 3-2 on aggregate.

Arteta’s men’s only chance of winning silverware is in the Premier League where they are two points behind Manchester City.

Arsenal are away to Wolves on Saturday, having lost 2-0 at home to Aston Villa last weekend.

“We have to be close to the players. What they need to do is stand right next to them, give them our support and our love.

“We have to pick it up because we have a big, big game on Saturday.

“We really want it and we have to show that we’re capable of turning it around,” Arteta told reporters.

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Dortmund ready for PSG rematch after epic win over Atletico

Published

3 days ago

April 17, 2024

Seun Okerayi

Borussia Dortmund are relishing a rematch with Paris St Germain in the Champions League semi-finals. This was after knocking out Atletico Madrid in a thrilling tie on Tuesday to set up a meeting with the French side they played in the group stage.

Dortmund overturned a 2-1 deficit from their quarter-final first leg against Atletico to win 5-4 on aggregate.

They will now renew their acquaintance with PSG, who beat Barcelona 6-4 over two legs to book their semi-final berth.

Dortmund coach Edin Terzic feels his side, who won the Champions League in 1997, are now better prepared to face the French champions.

This was after the Germans lost away and drew at home in the group stage.

“Our first game against them wasn’t good. In the second game, we adjusted to them better and were closer to victory.

“I think we’re a better team today than we were against them in the group stage,” Terzic said, following the win over Atletico.

Midfielder Julian Brandt, who opened the scoring in the first half for Dortmund, could scarcely believe that his side had made it through to the last four after taking a two goal-lead, conceding two goals, and then scoring twice more.

“It was a crazy game for the fans and for us. A great game for us, for our fans and for all football fans around the world,” he said after receiving his man-of-the-match award.

“It’s going to be very serious now against Paris. We played well against them at home in the group stage, but not well away. We want to do better now and, of course, reach the final,” he added.

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For striker Niclas Fuellkrug, who also got on the scoresheet, the Champions League semi-finals will be a new experience.

“I’ve never played at this level before and I’m very proud to be in the semi-finals of the Champions League with my team,” he said.

“Things will certainly be different against Paris than in the group stage.”

Sports

Kaka’s ex-wife denies saying she divorced footballer for being ‘perfect’

Published

4 days ago

April 15, 2024

Seun Okerayi

Caroline Celico, the former wife of Brazilian football legend, Ricardo Kaka, has debunked reports making the round that she broke up with the football star because he was too “perfect for her”.

According to her, she broke up with Kaka on mutual grounds, and they have been nurturing their two kids together.

Kaka and Celico married in December 2005, and their marriage produced two children: a son, Luca Celico Leite (born June 10, 2008), and a daughter, Isabella Celico Leite (born April 23, 2011).

10 years after their marriage, they parted ways with none of them saying the reason for their divorce until Sunday after a fake quote suspected to be a statement from Celico went viral.

The statement read, “Kaka never betrayed me; he always treated me well, and he gave me a wonderful family, but I was not happy; something was missing. The problem was that he was too perfect for me.”

It has since sparked speculations from fans across the world, with some condemning her and others saying that she probably was not happy being with the 2007 Ballon d’Or winner.

However, taking to her Instagram story, Celico debunked the viral statement on her divorce from Kaká, labelling it as not only ‘false’ but also ‘fake’, while speaking on her future with her current husband, Eduardo Scarpa Julião.

The chef and food content creator wrote, “For those who haven’t heard from me for a long time… or have never heard before.

“And are UNFORTUNATELY hearing some fake news and FAKE quotes. Let me update you:

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“I got divorced almost 10 years ago, from those 14 years of relationship there are 2 lovely teenagers.

“It’s been almost 8 years. I am with my husband Eduardo, and we are having our first child next month.

“I have a lot of respect for my lifetime story, and I am very grateful for everything I have lived so far. My ex-husband and I found a healthy way to raise our children, and I’m so grateful for this.

“Please be welcome to my social media, which is a place I share about many subjects, such as family, work and spirituality, with a lot of respect and love.

“Thank you.”

Recall that the former AC Milan and Real Madrid midfielder remained a single father for about four years before deciding to marry a Brazilian model named Carolina Dias.

Meanwhile, Kaká’s ex-wife and her husband are also expecting their first child together.