Barclays has agreed to sell one of the jewels of its Africa franchise, its custody business, to its main rival in the region, Standard Chartered. But Barclays says it is still fully committed to Africa. Proceeds from the sale will be used to support other elements of Barclays’ Africa franchise, according to a spokesperson.
Standard Chartered says the acquisition demonstrates the increased investment it has been making in recent years in its overall Africa operation, and in custody banking globally. "We think this is a fantastic opportunity to deepen and grow our client relationships in Africa," says Giles...
