Barclays second exit from Africa in 30 years

Maria Ramos, CEO of Barclays Africa, gives us the lowdown on why Barclays is pulling out of the African business. Recent South African political instability have been thrown around as the trigger, but she says that is not the reason.

It has absolutely nothing to do with any conspiracy and has nothing to do with economic environment whether its in South Africa or anywhere else across the continent. As the Barclays Plc Chief Executive Jes Staley stated in his remarks this morning, the decision has been driven by the regulatory environmental and the regulatory burdens that are very specific in particular to Barclays Plc as a UK headquartered globally significant financial institution.

Maria Ramos, CEO Barclays Africa

Banks internationally need to get their own houses in order and cannot afford to be dabbling in places like Africa it would seem.

Over the last few years we have seen very significant changes to the global regulatory environment and these changes have made it more difficult and in fact much more expensive for a globally significant bank like Barclays to own subsidiaries like ours

Maria Ramos, CEO Barclays Africa

Which is going to make it difficult for any international bank facing the same regulatory environment to buy Absa.

The Bank Resolution and Recovery Directive is integral to how these banks can behave.

I think it is one of the unintended consequences of the changes in the regulatory environment and I am sure global regulators are probably going to have to take a look at this at some point.

Maria Ramos, CEO Barclays Africa

Ramos acknowledges it will be a challenging time and questions have and will be asked by both staff and customers. But she is confident Barclays Africa will pull through with flying colours.

Our strategy since the acquisition of the Barclays business across Africa has been to build a bank franchise across Africa which we own as Barclays Africa, and its listed separately on the Johannesburg Stock Exchange. We've got a balance sheet of 1.1 trillion rand and we have over 12 million customers and we have tabled a strong set of results for 2014. We've always believed that Africa is our destiny and that does not change for us. We are very excited about our prospects across the continent.

Maria Ramos, CEO Barclays Africa

Listen to Maria Ramos describe their strategy for taking Barclays Africa into this new era.


Recommended

by NEWSROOM AI

702 welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

  • Racism (including offensive comments based on ethnicity and nationality)
  • Sexism
  • Homophobia
  • Religious intolerance
  • Cyber bullying
  • Hate speech
  • Derogatory language
  • Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the 702 community a safe and welcoming space for all.

702 reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

702 is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

Read More
Need a loan? How to improve your credit score (before you apply)

Need a loan? How to improve your credit score (before you apply)

Get a free credit report, then follow these five tips and see by how much you can improve your credit record.

5 rubbish beliefs about investing that are keeping you from getting rich

5 rubbish beliefs about investing that are keeping you from getting rich

Financial advisor Warren Ingram rubbishes some popular, yet blatantly untrue ideas that are keeping people from growing wealthy.

‘Americans are brilliant at consumerism! Brilliant!’ (lessons from the US of A)

‘Americans are brilliant at consumerism! Brilliant!’ (lessons from the US of A)

Bruce Whitfield interviews Aurik Business Accelerator founder Pavlo Phitidis for his weekly small business feature.

R8 million Rubens masterpiece found in SA after languishing on a wall since 1932

R8 million Rubens masterpiece found in SA after languishing on a wall since 1932

Smuggled out of Germany in the 1930s, then forgotten in Joburg. Bruce Whitfield interviews fine art specialist Luke Crossley.

How to make your first R1 million (after that it just becomes so much easier)

How to make your first R1 million (after that it just becomes so much easier)

Rich. Wealthy. Financially free... Call it what you will; the first million is how you get there. Warren Ingram on his book...

Solutionist Thinking: In Conversation with Reuel Khoza

Solutionist Thinking: In Conversation with Reuel Khoza

In the first episode of Solutionist Thinking with RMB, Bruce Whitfield speaks with author, businessman and trailblazer Reuel Khoza.

Popular articles
[LISTEN] Father shares how he shot the man who raped his daughter

[LISTEN] Father shares how he shot the man who raped his daughter

Johannesburg father, Chris says he had just come back from work when he walked in on an employee raping his 17 year old daughter.

Why the PAC wants South Africa renamed Azania

Why the PAC wants South Africa renamed Azania

Pan Africanist Congress's Narius Moloto explains why it supports the name Azania, a word which he says has Arabic origins.

Is the lovable Winnie The Pooh a boy or girl?

Is the lovable Winnie The Pooh a boy or girl?

A trending Twitter debate has left social media users arguing over whether Winnie the Pooh is a girl or boy.

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

UPDATE: Chilling WhatsApp from Marli van Breda's ex-boyfriend read out in court

Marli van Breda's ex took the stand in the trial of triple murder accused Henri van Breda.

Douw Steyn is one of Africa’s richest (yet you may not have heard of him)

Douw Steyn is one of Africa’s richest (yet you may not have heard of him)

Bruce Whitfield interviews Forbes Africa's Chris Bishop to find out more about this lesser known South African billionaire.

3 easy questions could bag you R2000!

3 easy questions could bag you R2000!

WIN R2000! But only if you can prove you're a whiz of the MTN Biz Quiz by answering the following three questions...

Blesserfinder: Matching you with a sugar daddy near you

Blesserfinder: Matching you with a sugar daddy near you

Is social trend Blesserfinder, where girls are allegedly matching up with rich 'benefactors' in exchange for sex, a real thing?