Barclays Africa to open Nigerian investment bank
The process could take 12 months.Barclays Africa Group's corporate and investment banking unit has approached Nigerian authorities to obtain a licence to open a fully fledged investment bank in the country.
The bank has been increasing its staff in Lagos in preparation for receiving the licence, and the process could take at least 12 months, according to sources quoted by Bloomberg.
Barclays Plc’s South African unit said its investment bank plans to extend brokerage, equity trading and other services into the rest of the continent as part of a two-year plan to boost profit.
Many banks are extending their presence in Africa as several companies, including Carrefour SA, France’s largest retailer, Nissan Motor and Marriott International, announced plans to expand on the continent.
The move to Africa is also driven by the stagnation of developed economies, coupled with the potential of a resource-rich, but under-developed continent with one billion people.
The World Bank forecasts growth in Africa to accelerate to 6.7 per cent this year. At the same time, some of the governance and stability issues that have previously blighted the continent have been improving.