Botswana’s central bank to keep an eye on Barclays

Koobonye Ramokopelwa
Friday, 04 March 2016
BoB spokesperson, Andrew Sesinyi BoB spokesperson, Andrew Sesinyi

Bank of Botswana, the country’s regulator of banks will closely monitor developments at Barclays Botswana following a decision by Barclays plc to sell its controlling stake at Barclays Africa.

Barclays plc owns 62,5 percent of Barclays Africa, which in turn owns a majority stake at Barclays Botswana, the lender that among the top four banks in the country.

In statement, BoB spokesperson Andrew Sesinyi said the central bank is watching latest development and it will play it regulatory role. “Consistent with Bank of Botswana mandate, as enshrined in Bank of Botswana Act…the bank will monitor developments with a view to ensuring the safety and soundness of Barclays Bank operations in the country,” he said.

This week, Barclays plc, the majority shareholder at Barclays Africa indicated to the market that it will sell down its stake at the African operation in the next two to three years. The bank said it is now concentrating on its United Kingdom and international banking units. The bank has also cited regulatory changes for quitting the continent where it has been operating for more than 100 years.

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