Barclays Plc will sell its Africa business as part of a plan by new Chief Executive Jes Staley to simplify the bank’s structure and seek higher shareholder returns, after reporting a 2 percent profit drop and slashing its dividend.
The British bank said on Tuesday it planned to sell its 62 percent stake in Barclays Africa Group over the next two to three years, ending its presence on the continent after more than a century and becoming a “transatlantic” bank focused on the United States and Britain.
It would then concentrate on two divisions, Barclays UK and Barclays Corporate and International, to comply with ring-fencing regulations aimed at safeguarding its retail banking business from riskier operations.
Barclays is “fundamentally on the right path,” Staley said in his first results announcement since taking over one of the most prominent roles in British business in December. Read more