Is Barclays Bank Shutting Down Its Kenyan Operation?

February 29, 2016

barclaysIt was reported yesterday that Barclays Bank is exiting Africa. The bank’s new Chief Executive will announce tomorrow of the Bank’s decision, according to CNBC.
Apparently, they want to focus on their UK and US business.
There has been panic here in Kenya on what will happen to existing customers and accounts. Through its Facebook page yesterday, the bank rubbished the reports, saying it has no intention of shutting down.
It is factually incorrect that Barclays Bank of Kenya ltd (BBK) is shutting down in Kenya. We have a clear strategy or our Kenya business and there are no plans at a local, regional or group level to shut it down.
Your accounts are and continue to be safe and are not impacted in any way. The speculation concerns shareholding of Barclays Africa Group ltd and does not impact the day to day running of BBK.
Please do not be concerned, your deposits are safe and the operation ofyour account will not be impacted.

BBK is a significant player in the Kenyan Banking industry and is well capitalised and liquid.
We remain at your service
However, some reports have it that though the parent group is exiting, the Bank will remain operational under different shareholders and probably different name.
We’ll keep you informed on the developments.

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