Barclays forks out Sh104b in exit plan

A Barclays Bank ATM outlet in Nairobi's Loita Street. The bank has closed several branches as part of its restructuring programme. [Photo: File, Standard]

Barclays PLC has paid £765 million (Sh104 billion) to Barclays Africa to fund the cost of separating from the South Africa-based group.

The group, which owns Barclays Bank of Kenya and also has a presence in 11 other countries, said on Friday it had embarked on consultations that would culminate in dropping the name ‘Barclays’ by 2020. According to Barclays Africa Chief Executive Maria Ramos, the group was cautious not to damage the attachment that customers have to its banks spread in 12 countries on the continent.