Apr 17, 2017
Barclays Africa: clearsightedness
Rating agencies had stripped South Africa of its investment grade status following the abrupt dismissal of the country's respected finance minister. The move led to automatic downgrades of local banks who invest in South African government bonds. The FTSE South Africa banks index has dropped 15 per cent since Pravin Gordhan was fired. Capital buffers of South African banks are improving and so is profitability. Even after the recent fall, Barclays Africa has outperformed its parent by 24 per cent since Barclays chief executive Jes Staley announced plans to sell it.
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