DON’T take it personally. That, in effect, was the message on Tuesday from UK banking group Barclays as it reported abysmal results — and announced its intention to trim down its 62% stake in Barclays Africa, the group that still trades, for the most part, under the Absa brand.Jes Staley, who took over as Barclays CE in December, is undertaking a radical restructuring to narrow the group’s focus largely to investment banking.It is a move that one analyst described as desperate, rather than strategic, saying it was prompted by losses and impairments and a dearth of capital to support its portfolio of existing businesses.The group had to sell something, and Barclays Africa was chosen.Mr Staley on Tuesday reassured the market that the group would execute the selldown over two to three years, and would be willing to hold on to a minority stake.He was at pains too — as was Barclays Africa CE Maria Ramos — to emphasise that the exit was not a response to SA’s political turmoil, nor becaus...
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