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Barclays Seeks Investment Banking Licence In Nigeria - Business - Nairaland

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Barclays Seeks Investment Banking Licence In Nigeria by Adesiji77: 11:19am On Feb 18, 2015
Barclays Africa Group Limited’s corporate and investment banking unit has approached the Central Bank of Nigeria (CBN) for approval to convert its representative office in Lagos to a full-fledged banking business.

The bank has been increasing its presence in Lagos in anticipation of the approval from the CBN. Bloomberg quoted the bank’s Head of Corporate and Investment Banking outside South Africa for Barclays Africa, Temi Ofong, to have said in a recent interview in Gaborone, Botswana.

The Nigerian licencing process could take at least 12 months, Ofong said.

“We have an ongoing strategy to expand our footprint and we have formally engaged the authorities in Nigeria to apply for licences,” he said.

The Barclays Africa unit’s representative office has been expanded to have 20 staff, Ofong said.

“These include investment brokers and a trade finance team of four people out of Lagos.”

Standard Chartered Plc, Standard Bank Group Limited and the investment banking unit of FirstRand Limited, Africa’s biggest bank, all have operating licences in Nigeria.

The country’s economy will probably expand by 4.8 per cent this year, more than twice as fast as South Africa’s projected 2.1 per cent, according to the International Monetary Fund (IMF).

Barclays Africa worked on the sale of Mainstreet Bank Limited, among distressed lenders bailed out by the CBN, to Skye Bank Plc, Ofong added.

His unit has also been “short-listed” to manage a Nigerian initial public offering, Ofong said, without giving details.

In addition to Nigeria, Barclays Africa sees corporate and investment banking growth opportunities in Ghana, Egypt, Kenya, Zambia, Mauritius, Mozambique, and Botswana, according to Ofong.

The unit has been growing its assets by more than 30 per cent on an annual basis “and we would want to continue going into the new financial year,” he said.

If Barclays secures the licence, it will mark the bank’s second entry into the Nigerian banking space.

Set up by the British colonial administration in 1917, Barclays was one of Nigeria’s largest banks after independence. In 1969, Barclays was incorporated in Nigeria as Barclays Bank of Nigeria Limited to comply with the country’s banking laws enacted in 1968.

However, the bank was forced to withdraw following the Indigenisation Decree promulgated by the Nigerian military regime in the 1970s in protest against Britain’s refusal to sanction the apartheid regime in South Africa.

Following Barclays’ departure, the successor bank was named Union Bank of Nigeria (UBN).

Recently, Atlas Mara, the African investment vehicle of former Barclays boss, Bob Diamond, increased its stake in UBN having acquired a 20.9 per cent stake in UBN from the Asset Management Corporation of Nigeria (AMCON).

Barclays’ re-entry into the Nigerian economy confirms analysts’ forecasts that activities in the merchant banking segment of the financial market would increase this year, as the market anticipates the entrance of more players in the sub-sector.

This is also expected to support corporate and trade financing in the country.

Presently, there are two licensed merchant banks in the country – FSDH Merchant Bank Limited and Rand Merchant Bank.
Kakawa Discount House Limited that has also been granted an approval-in-principle by the CBN is expected to commence operations this year.

http://www.thisdaylive.com/articles/barclays-seeks-investment-banking-licence-in-nigeria/202016/
Re: Barclays Seeks Investment Banking Licence In Nigeria by ITbomb(m): 11:49am On Feb 18, 2015
I thought Barclay was First Bank?
Re: Barclays Seeks Investment Banking Licence In Nigeria by Adesiji77: 11:51am On Feb 18, 2015
ITbomb:
I thought Barclay was First Bank?

No, Union Bank used to be Barclays.

12 Likes

Re: Barclays Seeks Investment Banking Licence In Nigeria by ITbomb(m): 12:00pm On Feb 18, 2015
Adesiji77:


No, Union Bank used to be Barclays.
Alright, got that
Bank of West Africa › Standard Bank › First Bank

2 Likes

Re: Barclays Seeks Investment Banking Licence In Nigeria by joanprice: 12:35pm On Feb 18, 2015
money full niger berekete

2 Likes

Re: Barclays Seeks Investment Banking Licence In Nigeria by CharlieMaria(m): 12:35pm On Feb 18, 2015
OK
Re: Barclays Seeks Investment Banking Licence In Nigeria by LordMecuzy(m): 12:35pm On Feb 18, 2015
More jobs

6 Likes

Re: Barclays Seeks Investment Banking Licence In Nigeria by Nobody: 12:35pm On Feb 18, 2015
We need more commercial banks and not investment banks.
Its such a shame that we have only about 20 banks when other countries have hundreds of financially and commercially active and strong banks that support the economy.

We need about 20 more commercial banks in Nigeria to boost our financial system. Barclays should go to hell with interests

5 Likes

Re: Barclays Seeks Investment Banking Licence In Nigeria by scribble: 12:35pm On Feb 18, 2015
But the economy is not working or at least what APC want us to think

27 Likes 1 Share

Re: Barclays Seeks Investment Banking Licence In Nigeria by naijainfogalery: 12:36pm On Feb 18, 2015
Nice
Re: Barclays Seeks Investment Banking Licence In Nigeria by kevoh(m): 12:37pm On Feb 18, 2015
The British are here again

3 Likes 1 Share

Re: Barclays Seeks Investment Banking Licence In Nigeria by tociano009(m): 12:37pm On Feb 18, 2015
GEJ is working,we don't want this to change

24 Likes 1 Share

Re: Barclays Seeks Investment Banking Licence In Nigeria by Barselonia(m): 12:37pm On Feb 18, 2015
welcome
Re: Barclays Seeks Investment Banking Licence In Nigeria by ichidodo: 12:37pm On Feb 18, 2015
FDI will shoot through the roof with this fantastic development...so who's coming next, Swiss Bank? Fortis?? Bank of Scotland?

21 Likes 2 Shares

Re: Barclays Seeks Investment Banking Licence In Nigeria by lonelydora: 12:38pm On Feb 18, 2015
Nice one. Although StanbicIBTC is treating me well for now but i need another competitor to come around.
Re: Barclays Seeks Investment Banking Licence In Nigeria by adeshola1(m): 12:38pm On Feb 18, 2015
not for sale
Re: Barclays Seeks Investment Banking Licence In Nigeria by edenhazard(f): 12:38pm On Feb 18, 2015
barclays nigeria premier league smiley smiley smiley

21 Likes

Re: Barclays Seeks Investment Banking Licence In Nigeria by otunbashonny(m): 12:38pm On Feb 18, 2015
Good move
Re: Barclays Seeks Investment Banking Licence In Nigeria by Olawalesadiq(m): 12:38pm On Feb 18, 2015
they should grant them the licences. it gonna great more jobs to our economy,






front page things. it not easy
Re: Barclays Seeks Investment Banking Licence In Nigeria by phayvoursky(m): 12:38pm On Feb 18, 2015
You mean....











BARCLAYS PREMIERSHIP
Re: Barclays Seeks Investment Banking Licence In Nigeria by jammyunn(m): 12:38pm On Feb 18, 2015
Very good development. It means the economy is thriving and favorable against all odds.

9 Likes 1 Share

Re: Barclays Seeks Investment Banking Licence In Nigeria by showreals(m): 12:38pm On Feb 18, 2015
Finally, investment banking is the next big thing in Naija

3 Likes

Re: Barclays Seeks Investment Banking Licence In Nigeria by Opiosko: 12:38pm On Feb 18, 2015
After many decades..Only GEJ govt can do this. Sia GEJ, Total Transformation continues.

22 Likes 1 Share

Re: Barclays Seeks Investment Banking Licence In Nigeria by Zico5(m): 12:39pm On Feb 18, 2015
Dusting my certificate for the job

1 Like

Re: Barclays Seeks Investment Banking Licence In Nigeria by SuperSuave(m): 12:39pm On Feb 18, 2015
Hmmm
Re: Barclays Seeks Investment Banking Licence In Nigeria by mrborntodoit: 12:39pm On Feb 18, 2015
Gej is working,APC is destroying!

21 Likes

Re: Barclays Seeks Investment Banking Licence In Nigeria by chinex276(m): 12:39pm On Feb 18, 2015
okay...hope they remame our league *BACLAYS*
Re: Barclays Seeks Investment Banking Licence In Nigeria by Nobody: 12:40pm On Feb 18, 2015
Excerpts from the Article

The country’s economy will probably expand by 4.8 per cent this year, more than twice as fast as South Africa’s projected 2.1 per cent, according to the International Monetary Fund (IMF).


They say the economy's growth has no effect on the common man? I guess it's ghosts that will work at Barclays when they expand

However, the bank was forced to withdraw following the Indigenisation Decree promulgated by the Nigerian military regime in the 1970s in protest against Britain’s refusal to sanction the apartheid regime in South Africa.


And we think the same camo men that destroyed this country even in democracy suddenly have the solutions to the problems they started.. ..

18 Likes

Re: Barclays Seeks Investment Banking Licence In Nigeria by rattlesnake(m): 12:40pm On Feb 18, 2015
Suleiman Johnson people bring out ur catalog of prophesies
Re: Barclays Seeks Investment Banking Licence In Nigeria by infobiz9ja(m): 12:40pm On Feb 18, 2015
Nigeria is working.

4 Likes

Re: Barclays Seeks Investment Banking Licence In Nigeria by bebe2(f): 12:41pm On Feb 18, 2015
Barclay's na useless bank o

Very strict.

Anyways, I trust our boys them go treat their f*ck up big time.

1 Like

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