By JUDITH NAMUTOWE –

ZAMBIA is among African countries that may be affected by the planned scaling down of Barclays Bank’s operations in Africa.
Barclays is reportedly drawing up plans to sell part of its 62 per cent stake in the Barclays Africa Group, the entity that houses most of its African businesses.
It is reported that although the bank’s new chief executive officer Jes Staley is unlikely to pull out of the continent, he could decide to sell its retail banking operations in Africa, which include South Africa, Kenya, Mauritius, Botswana and Zambia.
According to the Wall Street Journal (WSJ), the move, which marks a significant turnaround for Barclays, is part of a plan by Jes Staley to refocus the bank on a narrower range of profitable activities.
Barclays has built up its African banking network to make it one of the leading Western banks on the continent alongside Standard Chartered and Citi Group.
The WSJ says further details on the plan could emerge when the bank releases its 2015 results in March.
This is not the first time Barclays has been said to be mulling a retreat from its African businesses.
In December last year, the Financial Times (FT) reported that Staley was considering selling part or all of Barclays’ African operations as part of his strategic review.
The FT cited people familiar with the matter as saying that the former JP Morgan executive officer had raised questions about the strategic fit of the bank’s African operations with the rest of the business.
The FT said Staley was unlikely to pull out of the continent, but could decide to sell its retail banking operations in much of Africa, including South Africa, Kenya, Mauritius, Botswana and Zambia.
Meanwhile, Xnews has reported that the Barclays Africa Group will in March close its regional management office based in Nairobi shifting its operations to its South African premises as a result of redundancy.
The move is expected to see redeployment of more than 30 staff based there but will not affect Barclays Bank Kenya employees.
“Barclays Africa Group Limited (BAGL) can confirm that it will close down its regional operations and technology management office in Nairobi, Kenya, by March 31.
“Our Africa operations will continue to be supported by the pan-African regional centre based in South Africa,” reads the statement in part.
The Johannesburg Stock Exchange (JSE)-listed bank in 2013 revealed plans to raise its revenues from the continent and make it account for 20-25 per cent of its returns by 2016, and said the move was meant to streamline its operations on the continent.
The office was established in 2010 to offer Barclays’ subsidiaries in Africa technical support, but is said to have lost relevance in light of merging of operations with Absa to form the Barclays Africa Group.
Dispelling fears of a wind-up from the continent whose economic engines of oil, copper and iron ore had decelerated, Barclays Africa Group said it would continue its investment strategy on the continent.
“We remain committed to continue growing our Kenyan business and offering our customers access to cutting edge financial solutions.
We will continue investing in our infrastructure as well as the development of innovative products and systems to improve the way we reach and serve our customers across all African markets in which we operate,” the lender said.
The UK-based bank has in the past also considered to break its more than a century years of history by selling some of its African banking operations.
Barclays has its retail banking in much of Africa, including South Africa, Kenya, Mauritius, Botswana and Zambia. It also has corporate and investment banking activities in the region.