Barclays cuts ties with Absa
Barclays Africa has reassured Absa customers that its decision to cut ties with Africa would have no impact on the day-to-day operations.
It has been confirmed that Barclays PLC would sell its 62 percent stake in the Barclays Africa Group, confirming weeks of speculation.
The group has operations in 12 African countries with 1 267 branches, a staff complement of 44 000 and 12 million customers.
Nine million of these customers were with Absa.
Africa Group CEO Maria Ramos announced the group recorded a 10 percent increase in earnings for the 2015, delivering a solid performance.
Ramos stressed the decision by Barclays PLC to sell its share was not based on South Africa's bleak economic outlook.
"Their decision is driven by regulatory burdens specific and particular to Barclay's PLC," she said.
Ramos assured Absa customers their money was still in good hands.
"For now and for the foreseeable future we will continue to service our customers as we always have, with the best products, best service and best colleagues across this continent," she said.
Edited by Suné du Toit