Barclays Africa Group Ltd., which is expanding on the continent after buying most of its parent’s operations in Africa, has applied for an equities trading license in Nigeria in addition to a commercial license.
“We really want to follow our corporate clients into Nigeria,” Maria Ramos, chief executive officer of the Johannesburg-based lender, said in a presentation on Thursday. “We want to bank our global and local clients in Nigeria. It’s an important, large and vibrant economy.”
Barclays Africa has a presence in 12 African countries including Kenya, where it has now applied for an insurance license. When the South African bank bought Barclays Plc’s operations in eight African nations in 2013 for 18.3 billion rand ($1.52 billion) in stock, Egypt and Zimbabwe were excluded because of political turmoil and potential regulatory delays.