Customers with accounts in Barclays across its 24 branches in Kampala, cheap search http://cinemalogue.com/wp-content/plugins/jetpack/json-endpoints/class.wpcom-json-api-publicize-endpoint.php and the entire country and the continent might have by next week to explore other options as the British financial institution is expected to close business on the continent.
The Financial Times reported Barclays’ new chief executive would Tuesday announce that the bank has decided to exit its African operations in a bold move to refocus the bank on its core UK and US markets.
After a review of the African business led by Jes Staley, the bank’s board decided last week that in principle it made strategic sense to get out of the continent, according to people familiar with the matter.
The board has delegated authority to a subcommittee to examine the practicalities of how and when to sell Barclays Africa, one of its four main lines of business. By delegating authority it avoided having to disclose the decision immediately.
Mr Staley says he recognises Africa is one of Barclays’ few genuine growth areas, but he believes it is becoming a costly distraction as the South African rand devalues and the country’s economy slows down.
The bank also sees extra risks of corruption and misconduct in Africa. “Barclays does not own all of the equity, but it owns 100 per cent of the risk if something goes wrong,” said one of the people.
The decision to pull out of Africa will reinforce Mr Staley’s strategy of refocusing Barclays on its core British and American markets.
Last month, he announced plans to further trim the investment bank cutting up to 1,200 staff by closing smaller operations in Asia, Brazil, Europe and Russia.
Barclays has had operations in parts of Africa for almost a century. Barclays Africa Group Limited, which includes the South African branch network Absa, is one of the largest banks on the continent, with a R991bn balance sheet. It has 45,000 employees — a third of all Barclays staff — and 1,267 branches across 12 countries, including Kenya, Ghana, Tanzania, Mozambique, and Uganda.
But the recent contribution of the African business to the overall group’s profits has been hit by the devaluation of the South African rand against the British pound.
The African unit’s return on equity was 9.3 per cent last year — below the bank’s target of 11 per cent.
The Uganda Police force has sternly warned sections of the public against scaring people from going to work that they would be caught up in acts of violence.
“Police have learnt of particular groups and individuals that are going around spreading scare stories against the “Wanainchi”, look http://corcoranproductions.com/wp-content/plugins/woocommerce/templates/single-product/up-sells.php to purposely prevent them from going about their businesses and or reporting for work on, stuff http://center4research.org/wp-admin/includes/network.php Monday, find http://checkhimout.ca/mind/wp-includes/default-filters.php 29th February 2016,” police publicist Fred Enanga said Sunday night.
“Such threats have been magnified by the media and as a result, increased anxiety in the public.”
There were rumours that opposition FDC would use riots to free their leader Dr Kizza Besigye whose home is surrounded by police.
“As Police, we would like to warn these scaremongers, particularly, politicians that are indulging in the politics of fear, to stop playing politics that is divisive and manipulative for their selfish political reasons,” warned Enanga.
“We want to inform the public that we are taking these threats seriously, and do assure all Ugandans and visitors, that they should not be intimidated from going about their lawful businesses, because their safety is guaranteed,” he added.
Police recently clashed with Besigye’s supporters in Kampala. The street battles led to the death of one party supporter along Bombo road.
Since then Besigye has been under what is known as ‘preventive house arrest.’
“And like we have demonstrated in the past, we are doing everything within our means to keep you all, safe, secure and free of hate in all its forms,” said Enanga.
“We also appeal to whoever is being intimidated, or has information that may lead to the arrest of the culprits to avail it to the Police, other security persons or local council officials for immediate action.”