Barclays Africa 'divorce settlement' is not a sale deal: Maria Ramos, CEO, Barclays Africa

Maria Ramos, CEO, Barclays Africa

Although Barclays Africa has reached an agreement with parent Barclays Plc about the costs of separating the two companies, the British bank’s sell-down of its majority stake in its African subsidiary is still some way off.

The British bank has agreed to pay a “divorce settlement” of £765m, or R12.8bn at the exchange rate at the end of 2016, to fund Barclays Africa’s investments in new technology, rebranding and other separation costs.

Barclays Africa CEO Maria Ramos said this did not necessarily mean a deal to sell the bank had been struck.

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