Barclays responds to Manic; The Zambian division is safe and so is your money.

Zambia’s objective and analytical online publication; MANIC Zambia, recently published an informative article bordering on equity transfer and market segmentation concerning one of Africa’s largest banks, Barclays bank. The published article contains information that Barclays bank has decided to withdraw from Africa to focus on core UK and US markets, the article Say goodbye to Barclays bank as they prepare to exit Africa discussed the vulnerability of African stakeholders especially the registered retail and corporate clients.

To this effect, Barclays Bank Zambia Plc has categorically stated that even though the fate of Barclays Africa Group Limited (which is the holding company for Barclays Bank Zambia Plc) is unknown; the Zambian division will not be affected because Barclays Bank Zambia Plc operates as a franchise business unit. Below is the official statement from Barclays Bank Zambia Plc:

“Following social media blogs (MANIC Zambia) speculating about the future of Barclays Bank Zambia we wish to state the following;

While we do not usually comment on market speculation, it is factually incorrect that Barclays Bank Zambia Plc is shutting down operations in Zambia. We would like to add for further context that Barclays Africa Group Limited is the holding company for Barclays Bank Zambia Plc.

Barclays Africa Group Limited is a separate listed company on the Johannesburg Stock Exchange and is regulated by the Reserve Bank of South Africa. The speculations concerns shareholding of Barclays Africa Group Limited and will not impact the operations of Barclays Bank Zambia Plc. Customer deposits are safe and will not be impacted in any way.

The strategy for Barclays Africa Group in Zambia has not changed and operations will continue as normal and the Group continues to see the Barclays Bank Zambia Plc franchise as a sound and solid business unit that will operate as a going concern. Barclays Bank Zambia Plc has been in Zambia for 99 years.

We have a clear strategy in Zambia and we remain focused on executing that strategy to the benefit of our customers and other stakeholders. Barclays Bank Zambia Plc is a profitable business that is well capitalised, highly liquid and customers should not be worried about the safety of their deposits. We have continued to grow our Zambia business over the last 99 years offering our customers cutting edge financial products and innovative solutions.

We are in a strong financial position and we will continue to ensure that we are able to deliver services and value to all our stakeholders and are particularly proud to be named the 2015 Bank of the Year in Zambia by the prestigious Banker magazine due to our strong financial performance and the high standards we have set in service delivery to which we are committed to continue delivering in the many years to come.

We remain at your service and thank you for your continued support.

Mato Shimabale

Head Marketing and Corporate Relations

Barclays Bank Zambia Plc”

As an official statement coming from Barclays Bank Zambia Plc, we are able to understand two fundamental facts:

1.) the Zambian division is operating as a franchise and the decisions made concerning the holding company Barclays Africa Group will not be binding on the Zambian division therefore there shall be no impact on how Barclays operates in Zambia.

2.) As clients, both retail and corporate; the bank has just confirmed that your deposits are in safe hands.

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Author: Andrew Zaraki Nguvu

Andrew Zaraki Nguvu is a business consultant specialized in all areas of accountancy, management, recruitment, finance, sales, legal, venture capital and marketing. He is an award winning social entrepreneur, innovator and business enthusiast.

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    The problem we have had with banks when they are faced with such issues they don’t tell their depositors the truth and hence creating panic in their clients,so with me I think its true and iam worried how safe our deposits are

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    I think it may be true, cause you dont even give financial loans anymore . isnt that a sign of preparation?

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    I’m not sure your interpretation is correct. The word ‘franchise’ in this context means ‘business’ and not a franchise like Burger King, or McDonalds. They are saying that BBZ is majority owned by Barclays Africa Group Ltd, and the speculation about shares concerns the holding company, not the subsidiary company. For sure, if Barclays sells its shares in Barclays Africa Group, the name of the holding company and all subsidiaries will change. Barclays would not contemplate having its name used by another bank. So whoever buys Barclays shares in Barclays Africa Group Ltd will be free to do whatever it wants with the Zambian subsidiary. I doubt this means anything much as the buyer would be buying control of the company BECAUSE of its network, thus including Zambia.

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    Comment As client am worried since I only got such information on such social network. Knowledge is power, its better to pass on facts as Barclays than to hear it elsewhere. Thanks anyway.

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