Barclays chairman complains about 'disproportionate' fines

Barclays chairman complains about 'disproportionate' fines

John McFarlane said charges are consuming profits and forcing the bank to sell or close busineses

The chairman of Barclays has hit out against the £20bn in fines and taxes imposed on the bank, saying the resulting job cuts, branch closures and reduction in lending to small businesses have a very real impact on the UK economy and wider society.

As the bank on Tuesday reported an 8% fall in profits to £2.1bn in 2015, more than halved its dividend and warned of further job cuts, John McFarlane said as it shrank it would not be able to pay such large penalties in future.

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Barclays to cut dividend and sell Africa unit
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Barclays restructures amid profits fall
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Could Barclays Africa find a familiar home?
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Barclays considers scaling back in Africa 16/2/2015
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Consolidating the little our nation economic made

The news that Barclay has lost massively and the wrong explanation - the many threads we have written they had wanted to pull out of Seychelles we caused/got them to stay what it takes and took, nobody ever saying thank you. That SIROP the unwritten contents those in Britain how knew form Barclay - the debacle of BCCI the first Bank for that program and BCCI in Seychelles Mauritius and Kenya who pulled the trigger on BCCI expecting to cash big on that SIORP program unwritten - the firm Deloitte and the court case. A number of very important incident over the years relating to that Program, resignation etc -the EU Institutions very aware. Those from the African Union who have been asking us to meet up with them in Bruxelles and restructure that SIROP program. ( President J A Michel and his Blue Economy stance. ) That program importantly linked with South Africa working - Central Banker are not there to dictate gone are these days - there are instruments and mechanism out there which can give then nightmares. This include Seychelles. The question who will be running Seychelles Barclay or Mauritius Operation - we need to be very careful - those ex Executive who have siphoned billions and started their own private banking system and in Africa, the Stock exchange/Market benchmark, Derivative and countless other products and the super corruption. . When the manure hits the fan it will be terrible. Those from African Union need to put into place tighter system and control. Europe and the World will have to bail the out. Where did the Edinburgh Africa debt write off went.
Those who think in this world we are "Toulon, Boulon , Moulon, Coulon" - the announcement of Pirate Arms thematic it is next to Barclay in Victoria - we are watching the situation in Mauritius closely too/we need to watch them very closely - Seychelles - that SIROP program contents. What many are up to. Those in that Sechelles Seychelles , Mauritius, Reunion and Africa who think/take themselves for "great watering can" to be polite.

SADC banking supervisors meet to bolster financial stability

Banking supervisors from countries of the Southern African Development Community (SADC) have come together at the Eden Bleu Hotel in Seychelles for their 2016 steering and sub-committee meetings.
The aim is to discuss ways to bolster financial stability with main issues of discussions being banking supervision and regulatories, anti money laundering and counter financing of terrorism.
These are mainly financial inclusion, financial stability, harmonising laws, regulations, standards and procedures.
A proposed draft banking model law being worked on by SADC and its legal sub-committee, will also be deliberated on. The model law will help in bringing in those central banks together. So when for example there is an intra-regional trade, it can ease cross-border banking transactions between respective states of the region.
The meetings are being hosted by the Central Bank of Seychelles (CBS) in collaboration with SADC itself.
The Financial Intelligence Unit (FIU) is also taking part.
SADC technical subcommittees meeting is an annual event hosted alternately by member countries. Last year’s subcommittee meeting of banking supervisors was held in Windhoek, Namibia in February.
Addressing the gathering, the first deputy Governor of the Central Bank of Seychelles, Christophe Edmond, said with the introduction of new regulatory and supervisory requirements, brought in by the international standards set ups such as the bank of international settlements and the financial task force, the issue of harmonisation of regulatory and supervising laws in the region is of particular importance.
“This sub-committee meeting is but one of many occasions where we can come together to discuss the way forward, to achieve the objective of the central banks as we look first inside our regional block to foster the right foundation that will enable the establishment of a sound banking system across our borders,” he said.
He added that SADC continues to monitor the progress made by compiling information to ensure the block is moving in the right direction as it seeks to implement the necessary standards and regulations.
A report will be submitted to the next central bank governors’ meeting in April for discussion.

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Comment -
We want to take everybody back to Vienna 1978/9 then Cold War UNIDO and SADC - their then position when we approached then UNIDO/UN/World Bank officials to do something to help improve the economic, political and social then situation in Sechelles Seychelles their reply/retort - Mr Edmond we the UN is not their to change government however painful and terrible the situation - should have a good economic concept and agenda we will do everything to help and support you and make it possible. The then research Into an Indian Ocean Industrial and investment Promotion Center - these were not just economic aspects they required that new sets of rules be laid out for then Communist and capitalist to work together to implement economic and social changes in the Indian Ocean. what this implied and required - the Nations. ( those who had said with out the consent of the USA etc., we would never make it happen and those from the SADC who supported this view. To the point they hated our person and existence. We decided to use our French ancestral mechanism /working and we bulldozed a concept in place before the COI - use use the same mechanism to study and evaluate then USSR, COMECON, Banking and financial situation, beside China and then Africa. We took part in the first attempt to restructure the powerful and great USSR fiance and economic issues)
The announcement that Barclays is jettisoning its Africa Division - we started the process of influencing and impacting Africa Banking going back to 1987/88, then 1991, 1993 the SADC. Forgetting that BCCI got busted because of us/Seychelles. ( Those interested ask Deloitte for our correspondences)
We need somebody as mad - with the caliber of President FA Rene to work those Finance thematic - we have countless graduates and they refuse to engage. What they have been taught.
Our comment yesterday and this morning what the good officials from SADC will be deliberating about and those who refuse to use their mind/intelligence. They will get taken to the laundry and this has been going on too long - they may not like, appreciate our Statement. We in Sechelles Seychelles and the Indian ocean have a Responsibility to help Africa/African Union restructure and reorganize their Banking system. Do not compel us to get USA Presidential Candidate Donald Trump to go ballistic a PM Blair would say.

SUR UNE PÉRIODE DE 2-3 ANS: Barclays PLC réduira ses parts dans Barclays Africa

Le groupe bancaire Barclays PLC a confirmé hier qu’il se retire du continent africain et qu’il compte, à cet effet, diminuer considérablement sa participation dans Barclays Africa Group Ltd. Barclays PLC ramènera, sur les deux ou trois prochaines années, sa part (62,3 % du capital) dans Barclays Africa à un niveau permettant sa reconsolidation comptable, et ce, en termes de régulation. Dans les milieux de Barclays Mauritius, on fait comprendre que cette décision de Barclays PLC ne change rien au niveau des opérations locales. Barclays Mauritius est une filiale à 100 % de Barclays Africa.
Le retrait de Barclays PLC de Barclays Africa a été confirmé dans le rapport financier du groupe bancaire pour l’exercice se terminant au 31 décembre 2015. Ce rapport indique que le groupe aura un “non-controlling investment” dans Barclays Africa sur le long terme et qu’il focalisera ses opérations sur deux principales divisions, à savoir Barclays United Kingdom et Barclays Corporate & International, qui dégagent une rentabilité des fonds propres supérieure à 10 %.
Selon la direction du groupe, Barclays Africa représentait de gros risques, car il avait très peu de contrôle sur les risques de liquidités de Barclays Africa. Tout en reconnaissant que Barclays Africa est une entreprise avec des activités bien diversifiées et une franchise de haute qualité, Barclays PLC fait ressortir que sa participation dans Barclays Africa présentait des défis spécifiques pour les propriétaires.
L’annonce de Barclays intervient au terme de 2015, une année assez difficile durant laquelle sa perte nette a doublé pour s’élever à 394 millions de Livres Sterling, malgré un produit net bancaire stable (+ 1 %) à 23,3 milliards de Livres Sterling. Les résultats du groupe britannique ont été particulièrement affectés par une envolée de provisions versées dans un scandale d’assurances-crédit au Royaume-Uni (PPI), soit 2,2 milliards de Livres de provisions (2,8 milliards d’euros), contre 1,3 milliard en 2014.
Le groupe Barclays n’a pas indiqué la part qu’il compte vendre dans Barclays Africa. Opérant sous l’enseigne Absa en Afrique du Sud, la filiale africaine de Barclays est présente dans une douzaine de pays du continent, dont Maurice. Elle emploie quelque 45 000 personnes dans plus de 1 200 succursales. La filiale africaine est issue du rapprochement en 2013 entre Absa, alors détenue à 55 %, et ses autres succursales africaines.
Barclays Africa est présente dans les pays suivants : Afrique du Sud, Botswana, Ghana, Kenya, Maurice, Mozambique, Ouganda, Seychelles, Tanzanie et Zambie. Elle a également des bureaux de représentation en Namibie et au Nigeria. Quant au groupe Barclays PLC, il a des opérations en Égypte et au Zimbabwe.
La décision de Barclays PLC de se retirer d’Afrique graduellement « n’est pas une surprise », fait-on remarquer dans les milieux bancaires. Elle faisait l’objet de spéculations sur les places financières internationales depuis plusieurs mois. Dans un communiqué émis hier, Maria Ramos, Group Chief Executive de Barclays Africa, soutient que le retrait de Barclays PLC « is not a reflection on our business, our strategic direction or the performance of the economy in South Africa ». Maria Ramos a fait comprendre que l’avenir de Barclays Africa est très brillant et que son ambition d’être une « leading bank » en Afrique n’a pas changé. Barclays Africa, a-t-elle ajouté, est « deeply committed to the success of our continent ».
Avec une capitalisation estimée à 121,6 milliards de rands au 31 décembre 2015, Barclays Africa a enregistré pour l’exercice financier 2015 une croissance de 6 % de ses revenus, qui se sont chiffrés à 67,2 milliards de rands. Le bénéfice net attribuable aux actionnaires ordinaires s’est élevé à 14,3 milliards de rands.
Interrogé sur le retrait graduel de Barclays PLC de Barclays Africa, Jennifer Johnson, Head of Strategy, Marketing and Corporate Relations de Barclays Mauritius, a affirmé que « cette décision n’affecte en rien les opérations locales vu que Barclays Mauritius est détenue à 100 % par Barclays Africa ». Et d’ajouter : « It’s business as usual. »

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Bob Diamond Hasn’t Shown Interest In Barclays Africa’s Acquisition – CEO David Hodnett

Barclays Africa Group Limited said there’s no lack of interest from buyers seeking a stake in South Africa’s third-largest lender as Barclays Plc prepares to reduce its 62.3 percent holding to less than 20 percent.

But the investment bank said it still has room to grow and Barclays Africa wants to expand in Nigeria, while searching for insurance assets in Ghana as part of a strategy to be among the largest lenders on the continent.

The London-based bank’s shares won’t be “sold in the short term and a number of players will have a say in the process,” Barclays Africa Deputy Chief Executive Officer David Hodnett said in an interview in with Bloomberg in Johannesburg on Wednesday, without elaborating on who the buyers might be.

It’s too soon to speculate how the British bank will sell its stock, he said, adding that regulators will be looking for investors who offer “long-term stability.”
Barclays Chief Executive Officer Jes Staley is cutting about 1,200 investment-bank jobs, restructuring management and reducing dividends after profit fell in 2015. Barclays said March 1 it plans to sell down its interest in the Johannesburg-based lender, formerly known as Absa, over the next two to three years to reduce demands on the capital it needs to set aside for controlling the company.

Bob Diamond, the former CEO of Barclays, hasn’t directly approached the African lender on buying shares in the company, Hodnett said.

While the two companies will still operate an investment-banking joint venture, the African unit’s work with multinational corporations and its cash-equities business may be impacted by the parent’s withdrawal, he said.

Barclays Africa dropped 2.1 percent to 138.01 rand, compared with a 3.1 percent decline in the seven-member FTSE/JSE Africa Banks Index.

The British bank bought the South African business in 2005 and three years ago the Johannesburg-based unit acquired its parent’s operations in eight African nations, giving Barclays a presence in 12 countries on the continent with 12 million customers. The prospects for South Africa and Africa are “pretty solid,” Ramos said in an interview with the Wall Street Journal on Wednesday.

“To sell over 42 percent of the stake in Barclays Africa, the most efficient move for Barclays Plc would be to sell to another bank or institution, which could be negative for Barclays Africa in terms of systems, strategic direction and timing to integrate operationally,” Harry Botha, a banks analyst at Avior Capital Markets, said in a note this week. Other South African lenders and any global systemically important banks similar to Barclays would be unlikely buyers, he said.

The stake sale represents an about turn for Barclays, which has operated on the continent for more than a century. After firing former CEO Antony Jenkins last July, Barclays Chairman John McFarlane that same month traveled to South Africa to make clear his “very firm support for the Africa business,” Barclays Africa CEO Maria Ramos said at the time.

Staley, who started in December, is now having to shrink the bank and boost capital ratios.

McFarlane and Staley probably “had a dilemma because Barclays Africa is a great asset, but then there’s the overlay of the regulatory burden,” Hodnett said. The parent company exiting its entire stake would be an “extreme scenario,” he said, adding that the sale of shares might be an opportunity for black investors to buy into the bank.
With the financial backing of the U.K. lender no longer implied, both Fitch Ratings and Standard & Poor’s have downgraded Barclays Africa’s national credit status, bringing it into line with its South African peers.

The downgrades will have no impact because the bank doesn’t raise money outside of its home market and local investors had already discounted the involvement of Barclays, according to Hodnett.

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