Barclays Africa to Combine Wealth, Asset Management Businesses

Barclays Plc (BARC)’s South African unit plans to combine its wealth, asset management, stock broking and investment administration businesses.

That will align the structures of Barclays Africa Group Ltd. (BGA) with those of its parent and make it easier for customers to interact with the bank, Nomkhita Nqweni, head of the new unit, said at a presentation in Johannesburg today. The unit will have 225 billion rand ($22.1 billion) of assets under management, she said.

Barclays increased its holding to 62.3 percent after the South African bank acquired the bulk of the London-based lender’s African assets this year in an all-share deal worth 18.3 billion rand. The new unit will have about 600 staff, said Lee Francis, chief operating officer of the wealth division.

Barclays Africa rose 0.3 percent to 152.36 rand as of 12:46 a.m. in Johannesburg today, paring this year’s decline to 7.1 percent.

To contact the reporter on this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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