(Bloomberg) -- Barclays Africa Group Ltd., which is expanding on the continent after buying most of its parent’s operations in Africa, has applied for an equities trading license in Nigeria in addition to a commercial license.
“We really want to follow our corporate clients into Nigeria,” Maria Ramos, chief executive officer of the Johannesburg-based lender, said in a presentation on Thursday. “We want to bank our global and local clients in Nigeria. It’s an important, large and vibrant economy.”
Barclays Africa has a presence in 12 African countries including Kenya, where it has now applied for an insurance license. Parent Barclays Plc still owns operations in Egypt and Zimbabwe. When the South African bank bought the U.K. company’s operations in eight African nations in 2013 for 18.3 billion rand ($1.52 billion) in stock, Egypt and Zimbabwe were left out of the deal because of political turmoil and potential regulatory delays.
While Barclays Africa now wants to buy those units, “Egypt will be a very tough negotiation with Plc because the pricing has changed,” Ramos said. “We will have to pay a very competitive price.”
Barclays Africa is rolling out corporate and investment banking services across the continent while using its parent’s franchises to also boost consumer lending outside of South Africa. Within that country, it’s the largest consumer bank after Standard Bank Group Ltd., and has the most ATMs.
To contact the reporter on this story: Renee Bonorchis in Johannesburg at rbonorchis@bloomberg.net
To contact the editors responsible for this story: Dale Crofts at dcrofts@bloomberg.netJohn Viljoen, Michael Gunn
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