November 23, 2017

Barclays Bank not exiting Kenya

By Jude Titus

The Barclays bank of Kenya [BBK] on Monday denied the recent reports to leave the country despite an announcement by its parent company Barclays Plc which it said would not affect the shareholding and ownership of operations in individual African countries.
BBK Managing Director Jeremy Awori indicated that the bank has a strong financial base and denied the reports doing rounds in both local and international media platforms about Barclays exiting the African market.

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‘‘The ongoing speculation is related to the shareholding of Barclays Africa Group Ltd, the holding company of Barclays Bank of Kenya, and does not in any way impact the day to day running of this institution. The Barclays Bank of Kenya is not shutting down. I reiterate,’’ Awori said.

The Managing Director said that the bank has a firm capital base and liquidity position that ensures deliver value to all partners.
Awori also promised shareholders and consumers that Barclays Kenya as well Barclays Africa Group Ltd will remain committed to the African market.
‘‘I assure you that your money is safe with us and you should not be concerned about the operation of your account,’’ he reiterated.

The closure reports came after a review of the African business. Led by the CEO of Barclays Jes Staley, the bank’s board decided last week that in principle it made strategic sense to get out of Africa, according to people familiar with the matter.
The decision to pull out of Africa will reinforce Mr. Staley’s strategy of refocusing Barclays on its core British and American markets.
Last month, he announced plans to further trim the investment bank, cutting up to 1,200 staff by closing smaller operations in Asia, Brazil, Europe and Russia.
Barclays Africa Group CEO Maria Ramos said the bank will continue to offer a full and integrated range of products and services and urged customers to be confident in doing business with the bank.

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