BARCLAYS AFRICA GROUP RESHUFFLES EXECUTIVES TO STRENGTHEN AFRICA OPERATIONS

JOHANNESBURG– International banking group Barclays Africa Group has announced an executive reshuffle, saying it wants to up its clout in Africa and will return to being known as Absa after it was sold by Barclays Global.

It said here Monday that the group aimed to double its market share of Africa banking revenues from six per cent to 12 per cent. There will be four core divisions each headed by a CEO.

Retail and Business Banking is now headed by Arrie Rautenbach, the Investment Banking divisions by Temi Ofong and Mike Harvey, a wealth division by Nomkhita Ngweni and the Rest of Africa which will remain in the care of Peter Matlare.

Barclays said Group Deputy Chief Executive Officer David Hodnett is taking a two-month sabbatical without explaining further.

In 2017 the Black Management Forum raised the issue of the concentration of power in the hands of Hodnett who was then deputy Group CEO and head of South African business operations and acting head of another division.

South Africa Banking has ceased to be a reporting segment. Barclays’ share price fell but so did share prices of other major banking stocks on Monday.

Source: NAM NEWS NETWORK