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Barclays reshuffles executives to up its clout in Africa

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Barclays Africa Group has announced an executive reshuffle, saying it wants to up its clout in Africa. The company wants to return to being known as Absa after it was sold by Barclays global.

It says the Group plans to double its market share of Africa banking revenues from 6% to 12%.

There will be four core divisions each headed by a CEO.

Retail and Business Banking is now headed by Arrie Rautenbach, investment divisions by Temi Ofong and Mike Harvey, a wealth division by Nomkhita Ngweni and the Rest of Africa which will remain in the care of Peter Matlare.

Barclays says the Deputy CEO, David Hodnett, is taking a two month sabbatical without explaining further.

In 2017 the Black Management Forum raised the issue of the concentration of power in the hands of Hodnett who was then deputy Group CEO and head of South African business operations and acting head of another division.

The South Africa Banking has ceased to be a reporting segment. Barclays’ share price fell but so did other major banking stocks on Monday.

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