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Barclays to pay Sh102.4 billion to split from Barclays Africa
Barclays Africa has struggled to increase lending as slowing economic growth in many African markets tempers demand from corporate clients and rising interest rates at home hit consumption by retail customers. PHOTO | FILE
Barclays Plc has agreed to pay Barclays Africa $988 million (Sh102.4 billion) to fund investments needed for it to split from its African business, paving the way for the British bank to cut its stake to below 50 per cent.
Barclays is in the middle of an overhaul that includes cutting its holding in the African business as part of broader plan announced a year ago to focus on the United States and Britain.
