The joining form of Barclays Africa is expected to be finalised by June 2013 and will unite the Barclays businesses in Uganda, Kenya, Tanzania, Zambia, Botswana, Mozambique, Mauritius, Ghana, Seychelles and Nigeria under one unit managed from Nairobi.
The local banks have been speeding up their pan-African drive to create a continental free-trade area that is expected to more than double intra-African trade in the next 10 years.
A majority of the competitors in the top five banks profitability-wise in Kenya KCB, Equity Bank, Cooperative Bank establishing presence outside Kenya, Barclays and Standard Chartered seemed to have been left out in the expansion plan although their parent companies had independent presence in other Africa countries.
This difference had started showing in profit growth as investors who wanted to go regional demanded more integrated banking solutions which the local arm could not offer.
The combined business will create a pan-Africa financial services operation and a platform for more growth.
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