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Barclays Africa Rebrands In March 2018
 
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27-Nov-2017  
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Barclays Africa is expected to rebrand in March 2018 following its de-consolidation from Barclays PLC, its parent company.

In South Africa, its headquarters, the group could adopt new name which is still being discussed, while in its other markets on the continent, a period of up to three years is allowed to elapse before any rebranding could take place.

Songezo Zibi, Head of Group Communication at Barclays Africa, told a group of journalists in Johannesburg on Thursday that for its other markets, including Ghana, the rebranding could make it possible to list the new entity on the local Stock Exchanges, given the new investment opportunities that the rebranding comes along with.

The Barclays Africa Group has 1,160 branches out of which Ghana has 62,  41,714 employees, 1110 of whom are Ghanaians, 11.6 million customers of which 351,339 are Ghanaians and 10,076 Automated Teller Machines of which Ghana has 170?

In June this year, Barclays Africa Group Limited announced that following the completion of its largest bookbuild in South African rand, Barclays PLC had sold 33.7% of Barclays Africa’s issued share capital.

The move paved the way for an accounting deconsolidation of Barclays Africa from Barclays PLC.

Barclays PLC sold 285,691,979 Barclays Africa ordinary shares at a price of R132 per share, which resulted in Barclays PLC reducing its shareholding to 23.4%, with a further 7% to be taken up by the Public Investment Corporation later after the necessary regulatory approvals had been done.

The shares in the overnight bookbuild were multiple-times subscribed and sold to a mix of existing and new investors, both locally and internationally.

“The completion of this transaction demonstrates an exceptionally healthy investor appetite for Barclays Africa and our strategy of becoming a leading standalone financial services group in Africa,” said Maria Ramos, Barclays Africa Group Chief Executive Officer.

He added: “This is a very exciting time for Barclays Africa. There is an opportunity for increased African ownership of our business through a planned staff share scheme, as well as a broad-based black empowerment scheme.”

Barclays PLC announced on 1 March 2016 its intended reduction of its 62.3% shareholding in Barclays Africa over time because of regulatory changes in the UK.
 
 
 
Source: Daily Guide
 
 

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