BY DONALD KIPKORIR
Barclays PLC, the world’s 7th biggest bank is pulling out of Africa for their own reasons. Instead of Barclays Bank of Kenya telling us what this means, it is busy saying that BBK is a strong bank and is going nowhere.
No one said BBK is not a strong bank or that it is migrating. The fact is, Barclays is divesting from Africa. In whatever name BBK will be trading in, it wouldn’t be reporting to London via Johannesburg as it is now.
As to whether BBK will continue trading as Barclays will depend with the legal agreements that Barclays PLC will enter into with those who will buy the controlling stake. South Africans, Nigerians or Chinese or Kenyans who received NYS money may buy the shares and decide to change the name.
It is, therefore, patronizing and ill-advised for BBK to think or imagine Kenyans don’t understand what divestiture is. No matter how BBK sexes its media releases, Barclays PLC is leaving Africa, and I thought Kenya is in Africa.
The writer is an advocate of the High Court based in Nairobi
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