Barclays Is Ending Its Presence in Africa After 100 Years
- Barclays sold controlling stake in South African bank in 2017
- British bank has been active in Africa for about 100 years
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Barclays Africa Group Ltd. is no more. And with that a chapter closes on its former British parent’s 100-year history on the continent.
The lender on Wednesday ditched the name to revert to Absa Group Ltd. as it severs ties with Barclays Plc after the London-based company sold down the controlling stake it bought in 2005. The Johannesburg-based company has already begun reorganizing its operations to further distance itself from the U.K. firm.