Home Africa Barclays bank set to reduce investments in Africa

Barclays bank set to reduce investments in Africa

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British Bank,Barclays, says it will cut investments in its African  subsidiaries by $988 million to a point of breaking away from the continent.
The move is expected to pave the way for the British bank to cut its stake to below 50 percent.

Barclays is in the middle of an overhaul that includes cutting its holding in  African businesses.

It plans to focus more on the United States and Britain.

In a statement issued on Thursday, Barclays Africa said more investments  will be  in technology, re-branding and other separation related projects.

The split will allow Barclays Africa, Africa’s third largest bank by market value, to manage its own business on the continent.

The bank said Barclays Africa will be allowed to use the Barclays brand in the rest of Africa until 2020.

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