Barclays Africa Investment Bank Head Quits in Executive Shake Up

  • Former Tiger Brands chief Peter Matlare becomes deputy CEO
  • CFO David Hodnett to help oversee South African operations

Barclays Africa Group Ltd. appointed Peter Matlare as deputy chief executive officer and said investment banking head Stephen Van Coller will leave as South Africa’s third-largest lender makes changes to its top management structure.

Matlare, the former CEO of food producer Tiger Brands Ltd., will be responsible for Barclays Africa’s operations outside its home market, while David Hodnett will continue in his role as deputy CEO, focusing on South Africa, the Johannesburg-based company said in a statement on Friday.

Van Coller, who has been at Barclays Africa since 2006, will quit the banking industry when he leaves the company at the end of September, a spokeswoman for the lender said by phone, declining to be identified in line with company policy.

At Tiger Brands, Matlare presided over a decline in full-year net income and a writedown in the value of the company’s Nigerian milling unit. He resigned from the maker of All Gold tomato sauce and Black Cat peanut butter last year. Matlare has been a non-executive director of Barclays Africa since December 2011, the company said.

The moves come as Barclays Africa’s London-based parent gradually sells down its holding in the lender formerly known as Absa, reducing its stake to 50.1 percent earlier this year, to conserve capital.

Ex-Barclays CEO Bob Diamond said in April he and investors including U.S. private-equity giant Carlyle Group LLP are working on a potential bid for the bank, while Dubai-based Abraaj Group is also planning an offer, people familiar with the matter said in May. The Public Investment Corp., Africa’s biggest fund manager, has said it will pull together a group of black investors to buy a stake to ensure the bank comes back under the control of South Africans.

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