Barclays africa group
Absa drops KPMG as external auditor
In a statement released a few minutes ago, KPMG South Africa says it notes the announcement from Barclays Africa Group.
Normalised diluted headline EPS, the primary measure of profit in South Africa that strips out one-off items, came in at 1,837.7 cents in the year ended December.
Barclays said after the sale its stake in the African division would be 14.9%, which represents its desired long-term goal and no further sales are planned.
Analyst at Barclays Africa Rod Salmon says in previous years, spending has been largely on credit. But he says there has been a slump in consumers signing up for debt.
Sluggish economic growth will pose challenges for FirstRand, Standard Bank, Barclays Africa Group and Nedbank.
Several companies, including four major banks in SA, have severed links with Oakbay Investments.
Who is buying Barclays Africa? Bob Diamond? PIC? Patrice Motsepe’s new bank ARC? EWN’s Ray White interviewed Vestact MD Paul Theron on The Money Show, for some insight on the sale and rumours of who is likely to buy big chunks.
Barclays retreat from Africa may include selling the remaining 50.1 percent stake to a strategic investor.
Barclays said it would sell down its 62 percent stake in Barclays Africa Group to focus on other divisions.
Barclays Plc announced plans to sell down its 62.3 percent stake in Barclays Africa over the next three years.
The bank, which owns 62,3 percent of Barclay’s Africa, says the process will take over 2 to 3 years.
Barclays says it remains committed to its operations and optimistic about its growth prospects in Africa.
The company has grown revenue in the rest of Africa faster than South Africa.
This aims to counter a drop in retail credit as the financial health of households deteriorates.
The company says it remains cautious due to a sluggish South African economy.
The bank previously called Absa is trying to win back lower-income customers lost to Capitec.