Bank revenue from rest of Africa grows

BARCLAYS Africa Group's investment banking division expects countries outside South Africa to contribute more than half its revenue in five years' time, after taking on most of its parent's operations on the continent.

Barclays Africa's corporate and investment banking (CIB) arm is now expanding businesses such as trading government bonds into nearly all of the lender's 12 operations in Africa, CIB chief executive Stephen van Coller said.

Countries other than South Africa currently account for about a third of CIB's revenue, but it says that is increasing. "We've grown revenue in the rest of Africa faster than South Africa, but that is to be expected," Van Coller said, referring to the low base from which those countries were growing.

Under a deal concluded last year, Britain's Barclays handed over ownership of eight African businesses to its South African subsidiary in exchange for a 62.3% stake in the new Barclays Africa entity. – Reuters