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LequteMan
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Nigeria- Barclays Africa Group Limited’s corporate and investment banking unit is seeking the Central Bank of Nigeria (CBN) for approval to convert its representative office in Lagos to a full-fledged banking business. Bloomberg reports.
According to the bank’s Head of Corporate and Investment Banking outside South Africa for Barclays Africa, Temi Ofong, the bank has been increasing its presence in Lagos in anticipation of the approval from the CBN.
“We have an ongoing strategy to expand our footprint and we have formally engaged the authorities in Nigeria to apply for licences,” he said.
The Barclays Africa unit’s representative office has been expanded to have 20 staff, Ofong said, "these include investment brokers and a trade finance team of four people out of Lagos.”
The Nigerian licencing process could take at least 12 months, Ofong said.
In addition to Nigeria, Barclays Africa sees corporate and investment banking growth opportunities in Ghana, Egypt, Kenya, Zambia, Mauritius, Mozambique, and Botswana, according to Ofong.
Standard Chartered Plc, Standard Bank Group Limited and the investment banking unit of FirstRand Limited, Africa’s biggest bank, all have operating licences in Nigeria.
#Nigeria #Barclays #StandardBank #CBN
According to the bank’s Head of Corporate and Investment Banking outside South Africa for Barclays Africa, Temi Ofong, the bank has been increasing its presence in Lagos in anticipation of the approval from the CBN.
“We have an ongoing strategy to expand our footprint and we have formally engaged the authorities in Nigeria to apply for licences,” he said.
The Barclays Africa unit’s representative office has been expanded to have 20 staff, Ofong said, "these include investment brokers and a trade finance team of four people out of Lagos.”
The Nigerian licencing process could take at least 12 months, Ofong said.
In addition to Nigeria, Barclays Africa sees corporate and investment banking growth opportunities in Ghana, Egypt, Kenya, Zambia, Mauritius, Mozambique, and Botswana, according to Ofong.
Standard Chartered Plc, Standard Bank Group Limited and the investment banking unit of FirstRand Limited, Africa’s biggest bank, all have operating licences in Nigeria.
#Nigeria #Barclays #StandardBank #CBN
