Beijing/Hong Kong, 26 March, 2014 – Barclays Group (“Barclays”) and China Development Bank Corporation (“CDB”) announced the signing of a Memorandum of Understanding on Strategic Cooperation in respect of business activities (the “MOU”).

The MOU, signed in Beijing, China, replaces prior memoranda of understanding entered into since 2007. This MOU defines the cooperation framework and scope for CDB and Barclays to complement each other’s capabilities globally in the areas of training and development, corporate and investment banking, retail and business banking, as well as to partner with each other in relation to business opportunities in Africa.

The signing ceremony held in Beijing was presided over by Hu Huaibang, Chairman of CDB, and Sir David Walker, Barclays Group Chairman.

Commenting on the signing of the MOU, Sir David Walker, Chairman of Barclays, said, “CDB has been a valuable partner of Barclays since 2007. The signed MOU reflects changes that have taken place in both CDB and Barclays since 2007, and provides a more relevant framework that will further strengthen the strategic relationship between both organisations.” He further added that, “As Barclays continues its journey to become the ‘Go-To’ bank, we look forward to the next stage of cooperation with CDB globally.”

Barclays and CDB International, CDB’s Hong Kong based investment arm, have also signed a separate memorandum of understanding in relation to investment opportunities for CDB outside of China.

The coveted Barclays Premier League Trophy was the centre of attention in Khayelitsha’s Football for Hope Centre near Cape Town today as Barclays reaffirmed its financial commitment to the Grassroot Soccer (GRS) South Africa Coach Development Programme run in conjunction with Barclays Spaces for Sports.

The programme, delivered for Barclays by Grassroots Soccer, goes far beyond the fields of football. Over 190 GRS coaches between the ages of 18 and 30, who worked with over 39 000 youth in their communities in 2013, have been empowered through training focused on employability and financial literacy skills over the past year. The aim of the project is to encourage all people to live healthy and productive lives through the medium of sport and to embody good citizenship in their respective communities.

Hands-on experience

The Grassroot Soccer development courses are enhanced by additional hands-on experience as well as offering mentoring and voluntary apprenticeships. Khayelitsha has been one of the successful areas of the programme, with 35 of the 190 coach intake over the past year, hailing from this community in the Western Cape.

Bafana Bafana legend that played for Bolton Wanderers and Charlton Athletic during his playing career in the Barclays Premier League, Mark Fish, accompanied the Barclays Premier League trophy to inspire those present.

Said Fish: “Good citizenship should be a part of everyday life and it is key that people understand the importance of life skills such as entrepreneurship and financial literacy. Even footballers can’t play football forever, and it is crucial to have some sort of business acumen to fall back on when one’s playing days are over. Barclays needs to be commended for taking this empowering step towards creating a brighter future and for striving to make a difference in communities through this programme.”

Barclays Spaces for Sports

Chris Barkley, Grassroot Soccer Director of Business Development & Strategy said: “From a Grassroot Soccer perspective, we are very grateful for the support Barclays provides this project both here in South Africa as well as in Zambia and Zimbabwe. We have no doubt that the fruits of this success story will see many of these people put through the programme, going on to take advantage of high-level employment or educational opportunities in the near future.”

The programme, funded by Barclays through the Barclays Spaces for Sports programme, has made a positive and meaningful impact over the past 12 months, according to Gideon Serfontein, Head of Citizenship at Barclays Africa.

“Our community investment will continue to focus on helping to create sustainable local communities in which people are empowered to shape a positive future for themselves and their families, and are able to make a meaningful contribution to their local economy. In doing so, we partner with public benefit organisations such as Grassroot Soccer that achieve development goals through viable, innovative and sustainable skills programmes, thus allowing communities to prosper.”

Absa Adviser Academy today marks a historic milestone as it has attracted the biggest intake to date of Millennium Financial Advisers who have undergone an extensive selection process for the trainee adviser programme in 2014.

The trainees have come from all over South Africa and will join the Adviser Academy in Johannesburg, where they will embark on a structured learning programme which incorporates all aspects of both legal and technical skills, soft skills, business acumen as well as a professional qualification that will enable them to perform the role of a financial adviser.

The Absa Adviser Academy offers candidates an opportunity to push themselves into a high performing and rewarding career that enables them to gain substantial theoretical and practical experience and to acquire scarce and critical skills needed for financial planning.

The Academy has a team of professional development managers and trainers, who possess extensive financial planning skills; knowledge and industry experience, and will coach and mentor the Millennium Advisers in all key aspects to ensure the proper training and development of high calibre financial advisers.

Willie Lategan, Chief Executive of Wealth Investment Management and Insurance said: “By incubating a high calibre of Millennium Advisers, we are working towards being the “Go-To” bank in Africa. Our training programme explains the important role that the Barclays purpose,

Banking on Change, a partnership between Barclays and the charities Plan and CARE International, is calling for the development of international principles to help the 2.5 billion people with no access to formal financial services.

Linking informal savings to formal banking creates both social and commercial benefits. It has the potential to transform the lives of vulnerable and disadvantaged people, while at the same time, enabling us to support more customers and grow our business.

Antony Jenkins, Group Chief Executive

Since 2009, Banking on Change has used a savings-led approach to financial inclusion that has already opened up access to basic financial services to over half a million people. It is the first partnership between a global bank and international NGOs to successfully link informal savings groups to the formal banking sector.

Recognising that to scale up financial inclusion, many organisations will need to work together, the partnership is calling on other individuals and institutions to engage in the development of a set of international principles, the ‘Linking for Change’ Charter.

The draft charter builds on the experiences of, and lessons learned through Banking on Change over the last four years. Following this dialogue, we plan to build an Alliance of 100 leading organisations who will support the principles and can help develop new savings products for poor communities in the developing world.

Today 2.5 billion people still lack access to formal financial services. With the right support, these people could save US$145bn1 a year. Extending formal banking services to the world’s poorest communities will improve their quality of life through increases in household income, investments in micro-enterprises, and spending on healthcare and education.

Banking on Change is central to Barclays’ wider Citizenship commitment to change 5 Million Young Futures, by 2015, by investing in community activities that enhance the enterprise, employability and financial skills of the next generation.

The Linking for Change Charter is the focus of a discussion at the World Economic Forum in Davos during a breakfast event hosted by Barclays Group Chief Executive.

Leading the discussion to develop the Charter, Group Chief Executive, Antony Jenkins commented: “Linking informal savings to formal banking creates both social and commercial benefits. It has the potential to transform the lives of vulnerable and disadvantaged people, while at the same time, enabling us to support more customers and grow our business.”

“However, one of the most significant things we’ve learnt from this partnership is that we can’t fulfil the scale of this ambition alone. We need further collaboration between banks, NGOs, governments and technology providers. That’s why we’re calling for input and support to establish international principles for savings-led financial inclusion.”

Dr. Helene Gayle, President and CEO of CARE USA, added: “The Linking for Change Charter gets back to basics about responsible banking for the world’s poorest people.”
“Only 37% of women in poor countries have access to basic financial services, savings, credit or insurance. Basic access to finance creates incredible gains for women by increasing household income and boosting confidence and dignity.”

“The Charter has huge potential. It’s an opportunity for banks to tap into a huge pool of potential economically active customers, worth an estimated US$145bn.”

Nigel Chapman, CEO of Plan International, said: “Here at Plan, we recently reached the one million members mark for our savings groups worldwide. Banking on Change, our partnership with Barclays and CARE, has been a vital and flagship project. We believe that young people must have better access to trusted financial services if they are to develop, but with so many people still lacking access to banking solutions, it is a problem that we must solve together. That’s why we are calling on others to support our joint vision for the Linking for Change Charter.”

Find out more about the Linking on Change Charter and Banking on Change

A new report published by Barclays today suggests that global economies will fail to flourish unless more entrepreneurs are encouraged to turn their ideas into successful businesses.

Over 75 million young people are now unemployed globally, with some of the highest rates found in developed countries. The World Economic Forum recognises this as a fundamental risk for 2014, listing high unemployment and underemployment as one of the top ten risks in the recent edition of its Global Risks report.

Barclays’ report looks at the implications of the huge structural changes to the global labour market to the workforces of the future. It also highlights the opportunities presented to policy makers and businesses by increasing globalisation, digital communications and the internet to create a modern workforce for the future and foster an entrepreneurial culture.

Speaking at the World Economic Forum at Davos, Antony Jenkins said: “Global economies are experiencing significant changes and challenges – from increasingly scarce natural resources to changing demographics and ageing populations. But these challenges also present an opportunity to create a population that is entrepreneurial by nature and no longer sees problems as obstacles but as opportunities for change and improvement.

Produced by The Economist Intelligence Unit (EIU) in conjunction with Silicon Valley research start-up, Quid, Barclays’ Innovation ecosystems report presents findings and recommendations to support an imminent ‘third-wave industrial revolution’ powered by enterprising young innovators.

Read the full report

Watch a video summary of the report

South Africa’s merchandise trade balance swung back into deficit territory in January, coming in at -ZAR17.1bn. The print was substantially worse than the consensus forecast of -ZAR12.2bn and comes on the back of consecutive surpluses in November and December. The reversal into the deficit in January was the result of a sharp increase in imports of 27.9% m/m, eclipsing a paltry 0.1% m/m increase in exports.

The former was driven by strong growth in purchases of machinery and electronics (+27.9% m/m), as well as mineral products – mostly crude oil (+27.8% m/m) and vehicle components (+71.2% m/m). Weighing on export growth were large declines in the exports of vehicles (-20.0% m/m), machinery (-17.2%) and precious metals and stones (-14.7%).

We think that the sharp fall in vehicle exports could be related to a factory re-tooling at a major car exporter. This may weigh on vehicle exports for a few of the coming months, but we will be monitoring the data closely for any signs of this effect.

While the large merchandise trade deficit in January could be startling, particularly in light of the two surpluses recorded in November and December, the first thing to remember is that there is strong seasonality around the turn of the year. Beyond that, we think the data highlight a point we have made previously: the weaker rand has still not affected trade activity positively, and South Africa’s external balance is likely to remain a concern going forward, supporting our view that the rand is likely to weaken over coming months.

We argued in South Africa’s current account deficit: Weak rand offers no respite, 11 November 2013, that domestic manufactured output is likely to adjust to the weak rand only gradually as the sector battles other competitiveness challenges and domestic infrastructure constraints. At the same time, flagging commodity prices bode ill for primary commodity exports, which are roughly 40% of the total export basket.

Meanwhile, as the January data demonstrated, the import bill of goods with limited domestic alternatives, such as machinery and crude oil, will likely remain elevated. One major downside risk for the trade balance is the platinum sector strike, currently in its sixth week. Given that platinum accounts for 16% of total exports, the persistence of the strike carries significant risks for the trade balance in coming months.

You’ve left us behind a nation inspired by hope. Rest peacefully.

Today we mourn the passing of one of the world’s greatest leaders – Nelson Rolihlahla Mandela. On this saddest of days our thoughts go first and foremost to his wife Mrs Graça Machel, to his children, grandchildren and great-grandchildren, to Ms Winnie Madikizela Mandela as well as his closest friends and comrades.

We are deeply grateful to our first President of a democratic South Africa Mr Mandela for what he did for South Africa as a nation, for Africa and for the world. We can take comfort knowing that our own grief is shared by hundreds of millions of people across the world who have been touched by his extraordinary gentleness, statesmanship and humility.

The sadness we feel today is borne out by his great inspiration to all of us. He gave us his love and showed us compassion when we most needed it. Madiba inspired us to be better human beings, to treat one another with respect and to be bound by our common humanity for the common good.

He lived by a set of values that we must continue to cherish because they are as necessary now as they were before the dawn of democracy in South Africa. They were compassion, unshakeable integrity, the ability to think about the future, and to put others ahead of ourselves.

Madiba believed in human rights and humanity and that these would triumph. Our responsibility is to preserve what he stood for, vigilantly guarding against discrimination and disregard for other people. By doing so, we will ensure that his legacy lives on.

Let us stand together as we mourn the loss of a deeply loved leader. The highest tribute we can pay him is to celebrate his life by living the values that he taught us.

I was deeply privileged to know him, to serve in his government and to learn from him. Among the lessons he taught me was that the extraordinary is possible if you stay true to what you believe in and to your values.

My love and respect for him are deep and will live with me forever.

Maria Ramos: Chief Executive Officer, Barclays Africa Group

Barclays Africa Group announces the appointment of Motshabi Mokone as the first Managing Director of Barclays Life Botswana (Pty) Limited with effect from today. This follows the successful repositioning of the business in August as part of Barclays Life as we become the ‘Go-To’ bank in Africa.

Lanz Zulu, Managing Executive Absa Financial Services Africa Holdings, says: “Motshabi is very experienced and is a highly respected leader in Botswana. We are delighted that she has joined Barclays Life and believe that Motshabi will assist us in driving an enriched customer experience through our strong service and product set. Her professional career is largely anchored in the financial services industry spanning, fields such as operational management, risk and compliance and sales management.”

Motshabi was previously Chief Operating Officer and an Executive Director of Alexander Forbes Botswana. She holds a Masters of Science in Strategic Management from the University of Derby in the United Kingdom and a Bachelors of Science in Business Administration from the University of Hartford in the United States of America.

Says Zulu: “Motshabi is a skilled strategist with strong credentials and a track record of turning strategic plans into practical solutions through a meticulous performance approach. We are confident that she will make a positive contribution in overseeing our investment, credit life, individual and group life, funeral cover and education products.”

Maria Ramos has been ranked the 10th most powerful businesswoman in the world by Fortune magazine in their recent survey. This is the fifth year that Ramos has been included in Fortune’s list of the world’s top 50 business women. She was ranked 11th last year.

Maria is joined by Nicky Newton-King as the only two women from Africa in the Top 50 list.

“This is an incredible accolade, and testament to Maria’s extraordinary achievements,” said Wendy Lucas-Bull, chairman of Barclays Africa Group Limited.

The list is compiled by Fortune editors who consider four criteria: the size and importance of the woman’s business in the global economy, the health and direction of the business, the woman’s career, and her influence on society and cultural life.

Lucas-Bull added: “Fortune’s recognition of Maria is a tribute to her role as chief executive of Barclays Africa Group as well as her contribution to the financial services industry on the continent. It is also acknowledgement of her active involvement in economic policy debates on both local and global platforms, as well as the role she has played in building institutional capacity in South Africa.”

Barclays Africa Group Limited (formerly Absa Group Limited) announces that its Chairman, Wendy Lucas-Bull, will join the Barclays PLC and Barclays Bank boards as a non-executive director with immediate effect. The decision reflects the value of Wendy’s wide ranging business and board experience, and underscores the importance Barclays places on Africa.

An experienced company Director with strong banking expertise, Wendy has held Board level positions in South African banks since 1994. She previously served as an Executive Director of Rand Merchant Bank and became CEO of FirstRand Retail following the merger of Rand Merchant Bank and First National Bank.

Strong banking experience

In addition to her role at Barclays Africa Group Ltd, Wendy is currently a Non-Executive Director of Anglo American Platinum Limited and has held senior Board positions at the Development Bank of Southern Africa, the South African Financial Markets Advisory Board, Nedbank Group Limited and Dimension Data PLC.

Commenting on Wendy’s appointment, Sir David Walker, Barclays Group PLC Chairman, said, “I am pleased to announce Wendy’s appointment to the Barclays Board. She brings strong banking experience, valuable regional knowledge and her appointment will further enhance the close working relationship between Barclays Group and our African businesses.”

Trevor Munday

Trevor Munday will become Lead Independent Director of Barclays Africa Group. In this capacity, he will assist the Barclays Africa Group Board to deal with the management of any actual or perceived conflicts of interest. Trevor joined the Board of Absa in 2007 and will continue to be Chairman of the Group Risk and Capital Management Committee and the Concentration Risk Committee.

Trevor is also a member of the Group Audit and Compliance Committee, the Group Remuneration and Human Resources Committee and the Board Finance Committee. A former deputy Chief Executive Officer of Sasol, Trevor currently chairs the Board of Reunert Limited, is the Lead Independent Director of Life Healthcare Group Holdings Limited and a board member of Illovo Sugar Limited.

The Barclays Africa Group Board currently has 12 directors and fully complies with King III guidelines.