Barclays Africa Journey

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According to the Financial Times, Barclays PLC has decided to exit its African operations in order to refocus the bank on its core United Kingdom and United States markets.

The bank has appointed a subcommittee to study how and when to sell its 62.3 percent stake in Barclays Africa, which is valued at Sh. 492 billion and attributed the reason for the exit as; Africa becoming a costly distraction owing to the devaluation of the South African rand, and extra risks of corruption and misconduct in Africa which would tarnish the entire African operation if something was to go wrong.