Bank’s Africa sell-down ‘is on track’

BARCLAYS Africa said on Friday that the sell-down by parent company, the UK’s Barclays Plc, was on track.

British Barclays cut its stake in Barclays Africa Group to 15 percent in June, ending more than 90 years on the continent.

Maria Ramos, chief executive of Barclays Africa, said on Friday: “It is pretty much a work in progress. Barclays made a 1 percent contribution as part of the separation agreement and we are working with Barclays Plc on what format that takes. We are working Barclays to structure an empowerment deal that meets all the requirements. Alongside the empowerment deal, we want to establish an employee share scheme.”

Barclays sold 12.2 percent and 33.7 percent of the group’s shares last May and June 1 this year, respectively. Barclays Plc also sold 7 percent of the 33.7 percent shares to the Public Investment Corporation (PIC).

The transfer was now pending regulatory approvals for the PIC in Kenya, Mauritius and the Seychelles, Ramos said.

Earlier this month, Barclays Africa subsidiary, Absa, filed for an urgent interdict against Black First, Land First (BLF) and its leader, Andile Mngxitama, indicating the BLF cannot illegally protest or trespass on Absa-owned properties, including ATMs.

Respected Ramos said this was an interesting time and public institutions should be respected: “Of those institutions, the public protector is one we have to respect.

“It’s a Chapter 9 institution. I would also say that the consequential impact of the protests has taken a huge amount of time.

“The time we spend at business associations, we have to engage. This is an important time in our country.”

The BLF had called for a shutdown of Absa branches nationally so as to get it to pay back money it had claimed stolen from the SA Reserve Bank.

Public protector Busisiwe Mkhwebane made a U-turn after ordering Absa must pay back a bailout of R1.125 billion by the SA Reserve Bank to Bankorp.

Absa previously slammed the report as irrational.