24°C / 11°C
  • Tue
  • 24°C
  • 11°C
  • Wed
  • 20°C
  • 5°C
  • Thu
  • 23°C
  • 4°C
  • Fri
  • 25°C
  • 4°C
  • Sat
  • 25°C
  • 9°C
  • Sun
  • 24°C
  • 8°C
  • Tue
  • 15°C
  • 10°C
  • Wed
  • 17°C
  • 10°C
  • Thu
  • 17°C
  • 12°C
  • Fri
  • 18°C
  • 12°C
  • Sat
  • 20°C
  • 11°C
  • Sun
  • 25°C
  • 12°C
  • Tue
  • 23°C
  • 18°C
  • Wed
  • 19°C
  • 14°C
  • Thu
  • 22°C
  • 14°C
  • Fri
  • 20°C
  • 17°C
  • Sat
  • 18°C
  • 16°C
  • Sun
  • 18°C
  • 14°C
  • Tue
  • 15°C
  • 10°C
  • Wed
  • 17°C
  • 8°C
  • Thu
  • 16°C
  • 10°C
  • Fri
  • 16°C
  • 10°C
  • Sat
  • 16°C
  • 9°C
  • Sun
  • 18°C
  • 9°C
  • Tue
  • 25°C
  • 12°C
  • Wed
  • 27°C
  • 10°C
  • Thu
  • 26°C
  • 8°C
  • Fri
  • 26°C
  • 10°C
  • Sat
  • 25°C
  • 10°C
  • Sun
  • 19°C
  • 9°C
  • Tue
  • 30°C
  • 12°C
  • Wed
  • 27°C
  • 14°C
  • Thu
  • 19°C
  • 13°C
  • Fri
  • 26°C
  • 13°C
  • Sat
  • 17°C
  • 13°C
  • Sun
  • 17°C
  • 12°C
  • Tue
  • 12°C
  • 6°C
  • Wed
  • 15°C
  • 5°C
  • Thu
  • 16°C
  • 7°C
  • Fri
  • 20°C
  • 7°C
  • Sat
  • 22°C
  • 6°C
  • Sun
  • 25°C
  • 9°C
  • Tue
  • 16°C
  • 12°C
  • Wed
  • 17°C
  • 11°C
  • Thu
  • 17°C
  • 12°C
  • Fri
  • 16°C
  • 12°C
  • Sat
  • 16°C
  • 11°C
  • Sun
  • 17°C
  • 10°C
  • Tue
  • 28°C
  • 13°C
  • Wed
  • 29°C
  • 14°C
  • Thu
  • 29°C
  • 12°C
  • Fri
  • 29°C
  • 12°C
  • Sat
  • 29°C
  • 13°C
  • Sun
  • 20°C
  • 11°C
  • Tue
  • 30°C
  • 15°C
  • Wed
  • 31°C
  • 14°C
  • Thu
  • 30°C
  • 11°C
  • Fri
  • 30°C
  • 13°C
  • Sat
  • 31°C
  • 15°C
  • Sun
  • 22°C
  • 13°C
  • Tue
  • 13°C
  • 9°C
  • Wed
  • 15°C
  • 8°C
  • Thu
  • 15°C
  • 10°C
  • Fri
  • 17°C
  • 10°C
  • Sat
  • 18°C
  • 10°C
  • Sun
  • 25°C
  • 11°C
  • Tue
  • 28°C
  • 13°C
  • Wed
  • 26°C
  • 9°C
  • Thu
  • 27°C
  • 7°C
  • Fri
  • 28°C
  • 10°C
  • Sat
  • 28°C
  • 11°C
  • Sun
  • 20°C
  • 11°C

Barclays Africa insists it will survive double whammy

The group announced its intention to sell its stake in Africa, while Fitch downgraded its rating.

A file photograph dated 09 February 2009 shows a pedestrian passing a Barclays bank branch in London, Britain. Picture: EPA/Andy Rain.
Barclays,Barclays Africa,Absa
World Local Business

JOHANNESBURG - Barclays Africa says it remains “strong” in the aftermath of two setbacks in the last few days - the latest being a downgrade by credit rating agency, Fitch.

Early last week, the Barclays group announced that it intends to sell its 62.3 percent stake in Africa.

Chief Executive Officer Maria Ramos says the decision was influenced mainly by global regulatory factors.

Barclays Africa says it has noted the change in Fitch’s rating that takes it one notch down from its previous position.

Fitch announced late on Friday that it had downgraded the African unit’s foreign currency and local currency long-term issuer default ratios to BBB-, from BBB and BBB+ respectively, saying it sees a limited probability of support from Barclays in the transition phase up to the point of sale.

It is now on par with the ratings of other major South African banks having previously been ranked above them.

The bank says the move has no bearing on its financial status, neither will it affect its funding.

Absa still insists that it is well-capitalised and independent, because it’s listed separately on the Johannesburg stock exchange.

There’s been much speculation around who might buy the Barclays Africa stake, but no clear bidders have emerged yet.

LISTEN: Maria Ramos on why Barclays is getting out of Africa

(Edited by Masechaba Sefularo)

Comments

EWN 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 EWN community a safe and welcoming space for all.

EWN 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.

EWN reserves the right to close comments on selected content pages.

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