Barclays evaluating options for Africa business

Barclays noted recent media speculation regarding a potential sale of its shareholding in Barclays Africa Group Limited and said it was evaluating its strategic options.

The bank, which owns about 62.3% of Barclays Africa, said it expects to update the market on Tuesday with its 2015 full year results.

The statement followed a report in the Financial Times suggesting the bank had decided to exit its African operations.

According to the FT, new chief executive Jes Staley has decided it was time to consider selling the operations amid a slowdown in Africa and the devaluation of the rand.

The board of Barclays is said to have asked a subcommittee to analyse its options.