Barclays Africa willing buyer not interested in Barclays Zimbabwe

Barclays already has a  willing bidder for Barclays Africa’s assets outside of South Africa but unfortunately the buyer is not interested in Zimbabwe. The group said it will have a “non-controlling investment” in the group over time, under 20% . According to the Financial Times, Bob Diamond,  former Barclays chief executive has been approaching investors to back a takeover bid for the Africa business.

The former Barclays chief executive is said to be  seeking investment to buy up Barclays Africa operations outside of South Africa, in Botswana, Ghana, Kenya, Mauritius, Mozambique, Namibia, Nigeria, Seychelles, Tanzania, Uganda. Unfortunately Zimbabwe has not been listed as a country of interest and this position does little to raise confidence of Barclays Zimbabwe bankers who listened to reports on managing director George Guvamatanga’s  press briefing early this week.

The MD was quoted to have said ““We will continue to pursue our strategy. It’s a better platform today. The balance sheet is stronger and we are getting rid of non-core assets. We will accelerate our pace for growth in the interim period. We are one of the most solid banks,”  which if solid and profitable is should be a business of interest.

The countries listed above have be attributed to 20% of Barclays Africa’s profits.