British banking giant Barclays has confirmed it is to sell much of its stake in its Africa arm...
Barclays says it will "sell down" its 62.3 per cent stake in its Africa business and instead concentrate on its core UK and corporate international operations.
Barclays share price fell 9% on the FTSE100 during trading in London (CHECK FOR UPDATES)
From London, Dan Whitehead reports...
Barclays says it will "sell down" its 62.3 per cent stake in its Africa business and instead concentrate on its core UK and corporate international operations.
Barclays share price fell 9% on the FTSE100 during trading in London (CHECK FOR UPDATES)
From London, Dan Whitehead reports...
IN: British high-street banking...
OUT: ...SOC.
DUR: 1'35"
ARN: http://www.fsnradionews.com/feeds/0301barclays-ldn-dw-arn.mp3
GENERIC: http://www.fsnradionews.com/feeds/0301barclays-ldn-dw-generic.mp3
ICRT: http://www.fsnradionews.com/feeds/0301barclays-ldn-dw-icrt.mp3
NIGERIA: http://www.fsnradionews.com/feeds/0301barclays-ldn-dw-von.mp3
RNZ: http://www.fsnradionews.com/feeds/0301barclays-ldn-dw-rnz.mp3
VATICAN: http://www.fsnradionews.com/feeds/0301barclays-ldn-dw-vatican.mp3
AIR: http://www.fsnradionews.com/feeds/0301barclays-ldn-dw-air.mp3
ZIZ: http://www.fsnradionews.com/feeds/0301barclays-ldn-dw-ziz.mp3
Script:
VO1: British high-street banking...
That is where the focus will return for Barclays.
New Chief Executive Jes Staley wants to further the banks restructuring...
...and despite Barclays Africa posting profits - analysts say exposure
to risk and a refocus has led to this move...
That is where the focus will return for Barclays.
New Chief Executive Jes Staley wants to further the banks restructuring...
...and despite Barclays Africa posting profits - analysts say exposure
to risk and a refocus has led to this move...
Alaister McCaig is from IG Group...
SOT1: Alaister McCaig, IG: "They are looking to increase their funding ability and utilise some of their assets. Asset stripping is something we've seen from many of the European banks and certainly UK banks as well and as much as the Barclays South Africa exposure has over the course of time been broadly a positive one it is an asset they feel they will be able to sell off over a 2 to 3 year period."
SOT1: Alaister McCaig, IG: "They are looking to increase their funding ability and utilise some of their assets. Asset stripping is something we've seen from many of the European banks and certainly UK banks as well and as much as the Barclays South Africa exposure has over the course of time been broadly a positive one it is an asset they feel they will be able to sell off over a 2 to 3 year period."
VO2: Barclays has operated in Africa for a century and has 12 million
customers in 12 African countries...
Barclays is a fixture on the British high street as much as it is in many Africa countries...
But as the bank restructures - it's refocusing its efforts on its businesses back at home
SOT2: Alaister McCaig, IG: "Barclays management are concious maybe that there isn't the supportive investment community on a global basis that there had been when the financial crisis struck originally. The fact they are leaving Africa and over a 100 years worth of business experience is maybe not too much to be read into that because I think the global investment community is much more a broadened basis these days."
VO3: Barclays says it'll take 2 to 3 years to sell off its 62.3 per cent stake in Barclays Africa...
However long it takes - the principle is clear...
Barclays has given the red light to its future in Africa.
SOC.
>>
ENDS