After dominating Nigeria’s telecom and pay-TV sectors, South African leading lender, the Barclays Africa Group, has announced plans to make a grand entry into Nigeria’s banking industry seeking to increase her market share in Africa.

FINANCIAL WATCH gathered that the Barclays Africa Group which signified its intention to look towards Nigeria as a new market in order to dominate the African banking market may be reeling out strategies to acquire one of Nigeria’s Tier2 banks.

The planned entry which was made public last week by Barclays Africa group has been described by industry watchers as a welcome development.

During a presentation in South Africa, Maria Ramos, the chief executive of Barclays Africa, said the lender aims to enter Nigeria as a new market, as it seeks to raise its share of the African banking market to 12 per cent from 6 per cent over the medium term.

The south African bank currently seating on number two spot by market value reported a 4 per cent rise in annual profit, thanks to a substantial decline in impairments, normalised diluted headline EPS, the primary measure of profit in South Africa that strips out one-off items, came in at 1,837.7 cents in the year ended December, compared with 1,769.4 a year earlier.

Barclays Africa Group Limited is 14.9 percent owned by Barclays Bank PLC and is listed on the Johannesburg Stock Exchange with current operations in Botswana, Ghana, Kenya, Mauritius, Mozambique, Seychelles, South Africa, Tanzania, Uganda, and Zambia.

A top banker in one of the Tier 2 banks in the country said the Barclays Africa Group have been speaking with some banks in the country with the view of acquiring one with a strong corporate governance structure.

The source, who declined to name the banks, said naming the banks speaking with Barclays Group may interfere with the discussions that are ongoing.

“Barclays have been speaking with some banks for more than a year now and there are indications that the group will come up with their choice very soon. One thing that is certain here is that good corporate governance structure will be criteria for the acquisition” our source said.

Anor Anyanwu, former Executive Director of Mainstreet Bank, said the planned fresh entry of Barclays Group in to the country will serve as re-entrance for the group as Barclays had recorded giant strides the last time it was here.

“The Union Bank we have today was formerly Barclays Bank. If the group is planning a fresh entry into the country, I will say it is a welcome development. It also a pointer to the fact that companies outside the country are beginning to see Nigeria as a good place to do business”, Anyanwu stated.

Cyril Ampka, an Abuja-based economist, said the move will once again move Nigeria up on the list of countries with ease of doing business.

His words: “We have been clamouring for investors to come into the country and this is one of such responses. Coming into Nigeria by Barclays Africa is an indication that Nigeria is ready for international business and I am sure that the CBN will welcome them into the country after meeting the requirement set by the apex bank”.

https://www.financialwatchngr.com/2018/03/12/south-african-bank-set-to-dominate-nigerian-banking-sector/

Why should we even allow anything from South Africa here when they easily forget how Nigeria helped during apartheid? Let’s look for investors somewhere else

they left when buhari entered office, seeing that he is leaving they want to come back once more

Kukuma hand over Nigeria to them

Am just not a fan of these people don't know why..... Hate MTN hate DSTV vs GoTV in fact hate the country South Africa

I'm very sure its Union Bank. If they can backlay our Nigeria premier league, they are welcome but if not, i no wan c them ooo

once the south African groups arrive, nigerians will forget about nigerian banks

Make job sha dey



Our own banks dey do anyhow.

They should not be allowed.
What's the point when in the end, they'd operate just like any other Nigerian bank, and not by their own standards.
Nigeria to them is a place where "anything and everything goes"

Not as easy as it sounds.

Citi and StanChart bot top rated global banks are here but they cannot easily take shares from Nigerian banks.

Our banks have what it takes to compete anywhere. They are savvy and they employ very good hands.

teamsynergy:
Kukuma hand over Nigeria to them

As in eh...

this was how slavery was.... Black man selling his fellow black man out.... Dependant country.

If they no debit the way first bank dey debit my account then its a welcome development

Abeg o.. don't allow these criminals from south.. we never suffer finish at the hands of mtn dstv and co. Now they wan open bank.. sorry is ur name. If it was the other way round xenophobia will be on.

Maybe they should come and take back their Union Bank

barclays in nigeria..
nigerian bank are about to see terrible things..
especially that stupid Eco bank how people use that crase man bank i dont know

That would be a good move, i am very sure they have standard compare to our indigenous banks

sammy4life1:
Am just not a fan of these people don't know why..... Hate MTN hate DSTV vs GoTV in fact hate the country South Africa

Which one your country produce that's better than what they have?

South Africa may soon dominate all sectors in Nigeria!

same way TINUBU and his boiz are dominating Lagos

South Africa will soon colonize Nigeria.

Very good development,but they can't offer anything beyond what cbn permits and it seems cbn still needs to get it's acts together

South Aftica's Stanbic IBTC has been here since, they never dominate, na Barclays.. Oya na, am watching...

nice,If they can borrow me money without collateral

make them come first

They are welcome.. At least some Unemployed youths will get employed

You know people like new things, so u gonna see lots of nigerians especially d big men pouring in. But people like us go still maintain d old faithful, no shaking.

Secondly, as much as i don't dig South Africa for many reasons, especially their hatred for Nigerians, this is a welcome development cos it's going to create loads of jobs except they don't want to spread across d country.

Because Buhari ruling abi?

Can they cope with the shenanigans of our murky banking sector? If you know you know.

The only barclays i know is barclays premier league