{"id":194565,"date":"2016-03-01T08:24:18","date_gmt":"2016-03-01T08:24:18","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=194565"},"modified":"2016-03-01T08:24:18","modified_gmt":"2016-03-01T08:24:18","slug":"barclays-exit-of-africa-to-do-with-regulations-bob-diamond","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/?p=194565","title":{"rendered":"Barclays exit of Africa  to do with regulations &#8211; Bob Diamond"},"content":{"rendered":"<p>Barclays\u2019 re-evaluation of its African strategy, and possible scaling back of its operations, has more to do with regulation in the UK than it has to do with its vision for Africa, according to Bob Diamond, former Barclays boss and co-founder of Atlas Mara<strong>.<\/strong><\/p>\n<p>\u201cBarclays is in a difficult position. This has absolutely nothing to do with their vision of the future of Africa,\u201d he said during a panel discussion at the Bloomberg Africa Business and Economic Summit in Cape Town.<\/p>\n<p>[contextly_sidebar id=&#8221;nT9v4DGOE5lQ4Gc3s1jV3Tpu62EKoGGh&#8221;]Barclays\u2019 new CEO,\u00a0Jes Staley, is\u00a0<a href=\"http:\/\/www.wsj.com\/articles\/barclays-prepares-to-stage-a-gradual-retreat-in-sub-saharan-africa-1453124812\">said<\/a>\u00a0to be\u00a0considering selling the firm\u2019s 62% stake in Barclays Africa Group\u00a0(<a href=\"http:\/\/mg.co.za\/article\/2016-01-21-barclays-to-sell-africa-operations\">reportedly<\/a>\u00a0valued at over US$4bn) which houses much of its African business.<\/p>\n<p>Staley is\u00a0<a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2016-02-17\/barclays-board-said-to-debate-future-of-africa-unit-this-week\">expected<\/a>\u00a0to release more details around his plans for the continent alongside the presentation of the bank\u2019s full-year earnings today.<\/p>\n<p>\u201cThe UK taxes Barclays and the other UK-based banks on their global balance sheets, so they are taxing depositors in South Africa and Botswana, and the regulators in the UK are charging Barclays for a 100% capital when they own 62%,\u201d stated\u00a0Diamond.<\/p>\n<p>\u201cSo this [talk of selling its African operations] has more to do with regulation, particularly regulation driven in the UK, than it has anything to do with the vision of Africa.\u201d He said.<\/p>\n<p>&#8211;<\/p>\n<p>Credit:\u00a0 howwemadeitinafrica<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Barclays\u2019 re-evaluation of its African strategy, and possible scaling back of its operations, has more to do with regulation in the UK than it has to do with its vision for Africa, according to Bob Diamond, former Barclays boss and co-founder of Atlas Mara. \u201cBarclays is in a difficult position. This has absolutely nothing to [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":[],"footnotes":""},"categories":[121,32],"tags":[],"class_list":["post-194565","post","type-post","status-publish","format-standard","hentry","category-banking-and-finance","category-business"],"_links":{"self":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/194565","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=194565"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/index.php?rest_route=\/wp\/v2\/posts\/194565\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=194565"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=194565"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=194565"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}