Amicable Africa divorce costs Barclays R12.6bn
Barclays Africa and parent Barclays plc announced they had settled the terms of their separation
Barclays Africa and parent Barclays plc announced they had settled the terms of their separation this week in what appears to be an amicable divorce, with the African business scoring funds to invest in technology and rebranding. Barclays will pay £765-million (R12.6-billion using December rates) in separation expenses. Of that, £55-million will be used to cover expenses related to the separation. Half of this amount was received in December. Furthermore, Barclays will pay £195-million for the termination of existing service level agreements between Barclays Africa and the parent company related to the rest of its operations in Africa - which Barclays Africa acquired from Barclays in 2013. Maria Ramos, CEO of Barclays Africa, said the full separation details were not yet clear because the deal was still awaiting regulatory approval.
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