Barclays Africa Group said talks to buy its parent company's operations in Egypt and Zimbabwe have been accelerated following management changes at Barclays. "Our ambition is to do the acquisition of both, and the management changes have confirmed that that ambition will be realized," Maria Ramos, chief executive officer of the Johannesburg-based lender, said Wednesday on a conference call. Barclays Executive Chairperson John McFarlane "came to South Africa very shortly after his appointment and there's very firm support for the Africa business," she said. McFarlane fired Barclays CEO Antony Jenkins this month and took control, saying he will boost revenue and double the share price over the next three to four years. Planned job cuts haven't targeted the African operations, where the bank is seeking to expand in economies offering faster growth than more developed countries.
Barclays Africa Group has announced that talks to buy its parent company's operations in Egypt and Zimbabwe have accelerated as a result of management changes at Barclays. "Our ambition is to do the acquisition of both, and the management changes have confirmed that that ambition will be realized," Maria Ramos, chief executive officer Barclays Africa, said yesterday during a conference call.