• Barclays Africa Group to support Frontclear’s Technical Assistance efforts through its Partnership Facility
• Barclays Africa Group has committed to supporting wholesale market development in Kenya, Tanzania, Uganda, Zambia and Ghana over the next 2 years
• Barclays Africa Group and Frontclear signed memorandum of understanding to implement TradeClear in key African interbank markets

Barclays Africa Group Limited (BAGL) has signed a 2-year agreement to provide financial support to the Frontclear Technical Assistance Programme (FTAP) through the latter’s Partnership Facility. The contribution reflects the bank’s commitment to building inclusive, stable and liquid interbank market development through providing training, regulatory support and essential market infrastructure. The programme will be rolled-out in in Kenya, Tanzania, Uganda, Zambia and Ghana.

BAGL and Frontclear also concluded a memorandum of understanding regarding the implementation of the TradeClear interbank guarantee facility in Kenya and other leading African financial markets.

The partnership allows BAGL to implement the findings of the Barclays Africa Financial Markets Index. Released in late 2017, the Index ranks the maturity, openness and accessibility of 17 financial markets in Africa, based on both qualitative and quantitative criteria. Development of local investor capacity and ability to attract foreign capital are also key points of focus.

“Our partnership with Frontclear and this investment in the FTAP Partnership Facility is a further demonstration of Barclays Africa Group’s commitment to expanding and deepening financial markets across Africa. The investment allows us to immediately act on the findings of our Africa Financial Markets Index, which through expert analysis of the African financial markets, draws attention to the considerable investment opportunities and uncovers the untapped market potential” – George Asante, Head of Global Markets Africa (ex SA) at Barclays Africa Group

“We are delighted to formalize our partnership with Barclays Africa Group and look forward to working together in building more liquid, stable and inclusive interbank markets. The developments of these markets are critical to economic growth, stability and poverty alleviation.” – Philip Buyskes, CEO Frontclear

The FTAP Partnership Facility is a unique initiative, in that it teams-up international donors with regional and global banks, in a highly targeted effort to build inclusive interbank markets in frontier economies. Its trainings, advisory and research activities combine to remove the barriers to well-functioning capital markets in Africa, Asia and Latin America.

The TradeClear interbank guarantee facility aims to establish secured trading interbank trading environments in Africa. Under the program, Frontclear guarantees financial losses for all participants incurred due to counterparty failure, thereby stabilizing the interbank market and improving liquidity. It is expected that TradeClear will be implemented in Kenya in Q1 of 2018.

Shareholders are advised of the appointment of Ms Tasneem Abdool-Samad as independent non-executive director to the Board of Barclays Africa Group with effect from 1 February 2018. She will be stepping down from the Absa Bank Limited board (which she joined as an independent director in April 2016) with effect from 31 January 2018.

Tasneem holds a BCom degree and post graduate diploma in Accounting from the University of Natal, and is a qualified CA (SA). She started her career at Deloitte in Kwa-Zulu Natal and then moved to the University of the Witwatersrand, where she was a lecturer in auditing from 2003 to 2006. In 2006, Tasneem returned to Deloitte and subsequently served as a member of the Deloitte South Africa board until 2014.

Tasneem is a non-executive director of Absa Financial Services Limited, Reunert Limited, Long4Life Limited and Crookes Brothers Limited.

Johannesburg
16 January 2018

Enquiries:
Nadine Drutman (Group Company Secretary)
Nadine.Drutman@barclaysafrica.com
Tel: 011 350 4000

Independent lead sponsor to Barclays Africa Group:
J.P. Morgan Equities South Africa Proprietary Limited

Joint sponsor to Barclays Africa Group:
Corporate and Investment Bank, a division of Absa Bank Limited

Absa Group Limited (AGL) announces changes in Executive Committee

Experienced investment banker, Charles Russon appointed Chief Executive of Corporate and Investment Banking
Paul O’ Flaherty steps down from Board, joins the Group Executive Committee as Chief Executive: Engineering Services
Absa Group Limited today announces the appointment of Charles Russon as the new Chief Executive Officer (CEO) of Corporate and Investment Banking, and Paul O’Flaherty as Chief Executive: Engineering Services. Both appointments are effective 5 November 2018.

The appointments are both subject to regulatory approvals.

The appointments are a significant step forward in the Absa Group’s implementation of its new operating model that was announced in April, with four core businesses, each headed by a chief executive. These are Retail and Business Banking (RBB); Corporate and Investment Banking (CIB); Rest of Africa; Wealth, Investment Management and Insurance (WIMI).

Russon has had a long career in corporate and investment banking with global and local exposure. He worked for Merrill Lynch and Deutsche Bank in Europe before joining Absa Capital as CFO in 2006. He later became CIB Chief Operating Officer (COO) before taking up a role as Regional Head of Finance for the Group in 2012.

Russon has been a member of the Absa Group (previously Barclays Africa Group) executive committee since January 2014. He is currently the Chief Executive for Engineering Services, and his responsibilities include overseeing the group’s technology infrastructure, data and security.

The bank has also appointed Paul O’Flaherty as Chief Executive for Engineering Services, and he will join the Group Executive committee. O’Flaherty will step down from the Board, of which he has been a non-executive director since January 2016. As CE of Engineering Services, O’Flaherty will be responsible for Technology, Data, Security, and the Separation program.

O’Flaherty was most recently Chief Executive Officer of Al Naboodah Group Enterprises in the United Arab Emirates. He is also a former Chief Executive Officer of ArcelorMittal South Africa and Finance Director of Eskom.

“I am pleased that we have appointed two highly experienced executives in roles that are critical to how we take our new strategy forward. Our CIB business is an important driver of our growth ambitions across the continent while engineering services is central to the transformation of our business into a digitally-led bank in line with our strategy,” said Absa Group Chief Executive Officer, Maria Ramos.

Absa Group Limited, which has operations in 10 countries in Africa, opened the first of its branches bearing the refreshed Absa brand in South Africa today. This signals the start of a new chapter for the group and a major rebranding project in Africa.

Absa is no longer primarily a South African brand. Absa is now a multinational financial services group, representing banks in 10 countries, as it separates from the Barclays group. The new brand design is an expression of Absa’s new identity and purpose, which is ‘bringing your possibility to life’.

“This is an exciting time as we create a new Absa with a new brand design, fit for a forward-looking bank in a digital era,” said Maria Ramos, Absa Group Chief Executive Officer. “As we revitalise Absa, we are updating and refreshing entire network across South Africa over the next year or so.”

Absa is updating its branch set-up in line with its new strategy to be ‘customer obsessed’. The updated look is also more approachable, more dynamic and more vibrant with a wider spectrum of colours.

The first phase of rebranded Absa bank branches were revealed today at more than 30 key locations across the country. Other branches and assets, including buildings, forms and digital platforms are also being updated to reflect the new brand design.

Absa intends to rebrand its operations across Africa, most of which currently use the Barclays brand, by 2020, including more than 1,000 branches and 10,000 ATMs.  The project will likely be one of the largest rebranding programmes in Africa at this time.

The rebranding programme will not affect customers’ product of service functionality.

As Absa updates its branding, it is important for customers to be reminded that Absa will never contact them directly via phone calls (vishing) or emails (phishing) to request sensitive information such as their card PIN, card CVV or online banking password.

Absa will also never request customers to access their online banking profile via hyperlinks or attachments provided in an email and customers are reminded to carefully read security messages before accepting or rejecting them.

Customers who are concerned that an sms, email or call received may be fraudulent can contact the Absa Fraud Hotline on 0860 557 557.

Following recent press reports relating to Barclays Africa’s role as financial adviser on the sale of 9Mobile, Barclays Africa wishes to clearly state that these reports are inaccurate. This is not surprising, having come from so-called “sources” without authoritative knowledge of the process.

Barclays Africa has full faith and confidence in the fairness and transparency of the process it has run to date.

Contrary to media speculation, Barclays Africa has also not resigned its mandate in the transaction and remains committed to a speedy and satisfactory conclusion of the process.

The role companies can play in fostering education, helping governments meet their goals and contributing to economic growth across the continent was in the spotlight at the University of Free State, in Bloemfontein, on Tuesday, 26 September 2017. The University, in partnership with the Oliver & Adelaide Tambo Foundation and Absa, hosted a high-level dialogue session to discuss opportunities and education challenges facing, not only South Africa, but the African continent as a whole.

The dialogue, titled “Educating Africa’s Future”, was part of a series of debates which aim to unpack a range of socio-economic issues affecting South Africa’s, and the rest of the African continent’s development.

Panellists included Dr Pali Lehohla, South Africa’s longest-serving Statistician-General. The discussion was attended by various stakeholders, including academics, students, business and political leaders, policy makers, regulators, investors and keys stakeholders, all of whom addressed some of the issues affecting Africa’s education prospects.

Among the issues discussed were how Africa is faring when it comes to providing young people with the necessary quality education and skills that will expand their capacity, thinking, and expertise, enabling them to become more meaningful contributors towards the continent’s development.

Access to education

Dr Reaan Immelman, General Manager of Education and Skills at Absa, says the debate comes at a time when there is a continued focus on access to education – especially at tertiary level.

“Education is also a key pillar of our National Development Plan, which envisages that by 2030 – South Africans will have universal early childhood education. It also envisages quality school education across all levels, with globally competitive literacy and numeracy standards, as well as further and higher education and training that allows people to fulfil their potential.”

“This expanding higher-education sector should boost incomes and productivity, and shift South Africa towards a knowledge-based economy,” adds Immelman. There is also a target for a wider system of innovation that links universities, science councils and independent research and development institutions with priority areas of the economy, he says.

There is little doubt among economists, social scientists, politicians and business, that the key to stimulating economic growth and prosperity for all in Africa depends, in large measure, on our ability to pull together to ensure all Africans receive good quality education – from pre-primary through to tertiary. Importantly, the education offered needs to be far better aligned with the skills business desperately needs to fuel economies.

South Africa is not alone in making education a priority as part of economic growth: The African Union’s vision 2063 desires a “prosperous Africa, based on inclusive growth and sustainable development”.

Critical role

Immelman notes business has a very critical role to play, in collaboration with government, by helping improve knowledge and skills of workers by contributing to technical and vocational education and training. This will help boost local economies and build an appropriately skilled workforce.

“The Oliver & Adelaide Tambo Foundation debates, such as this one at the University of Free State, are not only relevant, but are also important in highlighting these issues and seeking sustainable solutions,” adds Immelman. As a bank , we have reaffirmed our commitment to economic and socio-economic growth on the continent through our Shared Growth strategy, pledging R210 million in 2017 through the Barclays Africa Group’s 2017 CEO Scholarship Fund. This will result in 3 000 university students across our ten African markets receiving a scholarship for the current academic year.”

Adelaide & Oliver Tambo Foundation CEO, Linda Vilakazi, says: “As part of commemorating the legacy of Oliver and Adelaide Tambo, and the immense contribution they made to the advancement of our society, we are delighted to deliver these debates.

“The idea is to generate critical conversations on some of the most important issues and challenges facing our country. This is in keeping with our beliefs that we must tackle our challenges head-on, and overcome them so that they do not keep us from achieving our potential.”

Barclays Africa Group Limited (BAGL) and China Development Bank (CDB) have signed a memorandum of understanding (MoU) aimed at strengthening cooperation and exploring opportunities to fund development projects in Africa.

Given CDB’s focus on infrastructure finance for roads, railways and dams, Barclays Africa will leverage the MoU to unlock opportunities in order to strengthen its contribution towards Africa’s economic growth and development. Barclays Africa will also extract synergies from the CDB’s focus on inclusive finance to provide capital to SME’s and low income communities.

In addition, Barclays Africa and CDB will explore reciprocal training and development opportunities for their respective investment teams. In this regard, Barclays Africa has already hosted more than 30 employees from the CDB.

“This MoU represents a long-term commitment by senior leadership at Barclays Africa to strengthen our relationship with the world’s largest development finance institution, which has assets of over US$2-trillion. This partnership will unlock opportunities that are aligned to our Shared Growth approach and could facilitate positive socio-economic impact,” says Barclays Africa’s Corporate and Investment Banking (CIB) Co-Chief Executive, Temi Ofong.

Barclays Africa has a history of more than 100 years in Africa, with deep local and regional expertise. As one of the leading Pan-African banks on the continent, Barclays Africa’s in-depth understanding of local markets and sectors, coupled with a strong branch, ATM and customer networks, is well positioned to provide a unique value proposition to local, regional and global clients.

“Strengthening these kinds of relationships will help our Group identify opportunities aligned to our Shared Growth commitment to leave our communities better than we found them. As a Pan-African bank, Shared Growth gives our business an exciting opportunity to make a difference in our communities and to be part of shaping the collective futures of this great continent,” says Ofong.

The CDB was established in 1994 as a policy bank but now operates as a Development Finance Institution (DFI) for the Chinese Government. By 2017, CDB supported more than 500 projects in 43 African countries valued at USD 50-billion.

In 2016, China Africa trade flow reached US$150-billion, making China, Africa’s largest trade partner for seven consecutive years.

Bank increases higher education support and reaches more institutions

Absa Bank is proud to announce an almost three-fold increase in the Barclays Africa Group’s 2017 CEO Scholarship Fund to R210m. This will result in 3 000 university students across its ten African markets receiving a scholarship for the current academic year. In 2016 the Fund disbursed R80m in scholarships to 2 000 students in universities across South Africa.

The 2017 allocation is in partnership with 21 universities in SA and several others in 9 markets in the rest of the continent.

The CEO Scholarship Fund forms part of the Education and Skills Development pillar of Barclays Africa’s Shared Growth strategy through which it has undertaken to invest R1.4bn in education and skills training between 2016 and 2018. Education and Skills Development, Enterprise Development and Financial Inclusion are the three pillars of Shared Growth, which aims to create shared value for communities and stakeholders.

Barclays Africa Group Chief Executive, Maria Ramos, said “University education unlocks opportunities that can change the lives of young people and the future of our continent. This is an expression of our Shared Growth commitment to help realize Africa’s potential and contribute to long term economic growth. This investment has been made possible by the hard work and dedication of colleagues in our business and I am proud of their commitment to making a visible difference in the lives of thousands of young Africans.”

Psycho-social support

Using a combination of academic performance and financial need, universities identify qualifying students and disburse the funds after consultation with Absa. Many of the qualifying students either have very limited financial resources or fall within the “missing middle” category of students whose parents or guardians can only afford to pay a portion of the required university fees. Successful applicants will also benefit from the leadership and psycho-social support offered by the programme.

In response to the contribution from Absa, Prof Irene Moutlana of the Vaal University of Technology said the university’s allocation will be used to assist needy and deserving students who are studying diplomas and Bachelor’s degrees in Science and Engineering and Technology, adding that “this Scholarship will indeed make an invaluable contribution to the Academic image of the University.”

Professor Anesh Maniraj Singh, Executive Director of the University of KwaZulu-Natal Foundation, said “On behalf of the Vice Chancellor, the Chair of Council and the students of UKZN, I hereby wish to express our heartfelt gratitude to ABSA for this extremely kind and generous donation. The current recipients have been really excited with their funding as I am sure will the next group of students.”

2 250 scholarships will be allocated to South African students, while 750 will go to students in the Barclays Africa operating regions outside of SA. 500 of the local scholarships will be granted to Absa staff member dependents.

Ready to work

The Barclays Africa operations outside of South Africa will begin rolling out their 2017 scholarship programmes when their academic year commences in September.

The Education and Skills Development commitment from Absa also includes:

• The support of 34 TVET colleges as part of the Department of Higher Education’s “Adopt a TVET” programme;
• Strategic University support, focused on research and capacity development initiatives
• School Governing Body training in partnership with the Department of Basic Education, and
• Ready to Work – a free skills development programme to give young people range of work, money, people and entrepreneurial skills to enhance their employment and self-employment prospects.

Together with a set of retail banking products that include a competitively structured student loan scheme and a free youth banking product, the bank has a comprehensive education and youth proposition that responds to broader development needs, which include financial inclusion.

Barclays Africa CEO Maria Ramos has accepted an invitation to become a member of the prestigious Group of Thirty (G30). The G30 aims to deepen understanding of international economic and financial issues, and to explore the international repercussions of decisions taken in the public and private sectors.

Other well-known members of this group include Ben Bernanke, the Former Chairman of the Board of Governors of the US Federal Reserve System; Mark Carney, Governor of the Bank of England; Mervyn King, a Member of the House of Lords as well as a former Governor of the Bank of England; and, William C. Dudley, President, Federal Reserve Bank of New York.

The G30, founded in 1978, is a private, nonprofit, international body composed of senior participants from the private and public sectors and academia. Membership of the G30 is by invitation only.

In a statement issued this week, the G30 noted that, alongside Ms Ramos, Agustín Carstens, Governor of the Banco de México, had accepted membership.

The statement quotes Jacob A. Frenkel, Chairman of the 30 Board of Trustees, as having said: “Maria will add diversity of perspective, and a strong and influential South African voice, to our deliberations.”

“She has a breadth of private and public sector experience that will benefit our work and discussions, from her current positions as CEO of Barclays Africa, as Chair of the Banking Association of South Africa, and her prior role as Director General of South Africa’s National Treasury.”

Ms Ramos said: “It is a pleasure to join the G30, which does such key work on international economics and governance. I look forward to working together on projects of common concern and to supporting the Group’s mission.”

Chairman of the G30, Tharman Shanmugaratnam, noted: “Agustín and Maria are outstanding leaders. They each bring a wealth of understanding of the financial and economic challenges of the times, which the G30 seeks to address through our deliberations and ongoing work program of studies.”

Shanmugaratnam continued: “The work of the G30 in international financial and economic thought leadership relies on its dynamic, engaged membership, drawn from across the globe and across public and private sectors. I very much look forward to Agustín and Maria’s contributions in the years ahead.”