UPDATE 2-Barclays Africa lifts profit, looks to Nigeria for growth [Reuters (UK)]
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Source: Reuters
UPDATE 2-Barclays Africa lifts profit, looks to Nigeria for growth | Reuters Reuters Staff 3 Min Read * Reports profit up 3.9 pct and net interest income up 1 pct * Credit impairments shrink by 20 pct * Considering expansion to Nigeria * Name to revert back to Absa Group (Recasts, adds finance director comments) By Ed Stoddard March 1 (Reuters) - Barclays Africa Group, South Africa’s No.2 lender by market value, plans to extend its reach throughout the continent, it said on Thursday after posting annual profit up nearly 4 percent. Chief Executive Maria Ramos said the bank, which is changing its name back to South African brand Absa after its split from former parent Barclays, aims to enter Nigeria as it seeks to lift its share of the African market to 12 percent from 6 percent over the medium term. Finance Director Jason Quinn told Reuters that Nigeria has been in its sights for some time. “We would have to think carefully about how and when to enter the Nigerian market and that is wh
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