03-01-17 by Spotlight Zimbabwe

Barclays Zim prepared for divorce from Barclays Bank Plc

Malcom Sharara
Harare – Barclays Bank Zimbabwe said it has already prepared for life without Barclays Bank Plc when the divesture eventually happens.

Barclays Plc recently said it has reached an agreement with its African subsidiary about details of their divorce, a key step before the British bank can sell more shares of the JSE-listed offshoot.

Barclays Zimbabwe is however not part of Barclays Africa Group, but falls under Barclays Plc’s non-core businesses.

Speaking at an analysts’ briefing on Monday, managing director George Guvamatanga said the bank started preparing for the divesture in March 2016.

“But probably for us this journey started in February 2009.

“We believe we have created the platforms to have a sustainable and scalable business, which at the end of the day is all about our customers and our people,” said Guvamatanga.

“The relationship we have created with our customers and the capacity of our people since 2009 gives us very strong comfort that we will be able to continue to support our customers through a very seamless transition from Barclays Bank Plc when the divesture eventually does happen.

“We are looking forward to a very strong future – another 104 years where we can and will continue to support our customers,” he added.

Guvamatanga said the local bank is also looking at sustaining the relationship with the Barclays Group and building new ones.

“We are well positioned to continue to provide sustainable solutions to our customers, clients and other stakeholders into the future,” he said.

Meanwhile, Barclays reported earnings results that completely surprised the market. It registered a profit after tax of $10.8m, up 177% from $3.9m in the prior comparative year and about four to five  times higher than expected.

Posted in:

Join the discussion

Your email address will not be published.

Start a discussion

write a comment