We are here to stay – Barclays Bank Ghana

patience-akyianuBarclays Bank Ghana has downplayed reports and speculations that the bank is leaving Africa. Some of the reports suggested that several thousand jobs would be lost.

But the bank’s Managing Director, Patience Akyianu, has said emphatically, March 3, 2016, that the bank was “here to stay”.

UK-based Barclays PLC announced it will sell its 62.3 per cent stake in Barclays Africa Group Ltd, over the next two to three years.

The Managing Director, told journalists that Barclays PLC’s decision to sell its stake in Barclays Africa was entirely due to regulatory pressures making its continued holding unattractive and “not a reflection of the strategic direction or performance of Barclays Africa or Ghana”.

She added that Mr Jes Staley, the Chief Executive Officer of Barclays PLC, himself noted the quality of Barclays Africa, its management and its success.

According to Mrs Akyianu, the sale of Barclays PLC’s stake in Barclays Africa, is only a sell-down of non-controlling interest (less than 20 per cent). Non-controlling interest means the buyer will have no influence on how the bank operates.

It remains unclear however, which entity would come to own the remaining 42.3 per cent later and whether the new holders may chart a new course in terms of the bank’s brand, strategy, products and services and so on. The bank however maintains it does not comment on speculations.

The Managing Director was emphatic that the bank is “here to stay” and is committed to serving its customers as evident in its new branches and new financial services, and Barclays Ghana and its customers would not be affected at all.

“This announcement will not affect the operations of Barclays Bank in Ghana. Barclays Ghana is a profitable business that is well capitalised, highly liquid and customers should not be worried about the safety of their funds,” the MD said.

“Our future as Barclays Ghana is very bright and our ambition to be the market leader remains unchanged. We are in Ghana to stay, so I would like to assure all Ghanaians and especially our cherished customers that nothing has changed in view of the announcement made by Barclays PLC”.

By Emmanuel Odonkor

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