Barclays Africa says changes will not affect customers

Login

Register

http://www.clubofmozambique.com/

Barclays Africa says changes will not affect customers

11:13 CAT | 01 Mar 2016

Barclays Africa Group assured customers in 12 African countries yesterday that they will not be affected by the impending review of the participation of its majority shareholder, London-based Barclays PLC.

“Our customers can be assured that they will continue to have the same business relationship with us today that they have enjoyed so far,” said Maria Ramos, executive director of Barclays Africa, in a statement released to Lusa in Maputo on Monday.

Any change in the size of Barclays PLC’s holding “will not impact any shareholder structure or control of these operations,” Ramos said.

Barclays PLC, which holds 62 percent of Barclays Africa (former ABSA Group) announced on Sunday that it would review its shareholder position and make an announcement to the market on the subject today, Tuesday, when it presents its financial results for 2015.

Despite this change, “Barclays Africa reiterates its commitment to operating in Africa, where it remains very optimistic regarding the growth of business and its customer base,” the statement reads.

The financial group stresses that it is an independent entity, listed on the Johannesburg Stock Exchange and regulated by the South African central bank, adding that it is “well capitalized and with a strong and steady profitability record”.

The statement recalls that in 2013, Barclays Africa simultaneously purchased 12 African banks in order to become a leading financial institution on the continent.

“In making this decision, we put the future of this organization completely in our hands,” Ramos said, expressing optimism about operations in Africa, where the bank claims to have 12 million customers.

Barclays Africa is the majority or sole shareholder in operations in South Africa, Botswana, Ghana, Namibia, Mauritius, Seychelles, Uganda, Tanzania, Kenya and Mozambique.

Barclays Mozambique capital is held almost entirely by Barclays Africa and, according to company information, has 900 employees, 43 branches, 92 ATM stations and more than 400,000 customers across the country.

In the last available accounts – for the first half of 2015 – Barclays Mozambique made a net profit of 61.4 million meticais (EUR 1.1 million) after losses in the previous two years.

In 2014, although in negative territory, an injection of capital enabled the institution led by former Prime Minister Luisa Diogo to increase revenues by 44.3 percent compared to 2013.