Friday, March 29, 2024

Barclays Bank is NOT shutting down operations in Zambia-Shimabale

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Manchester United legend Andy Cole with BBZ - Head of Marketing and Corporation Relations Mato Shimabale
FILE: Manchester United legend Andy Cole with BBZ – Head of Marketing and Corporation Relations Mato Shimabale

Barclays Bank Zambia Plc has moved swiftly to allay fears that it is pulling out of the country.
Over the weekend, social media posts circulated that the bank is shutting down its operations in most parts of Africa including Zambia.

This was after the Financial Times reported that Barclays’ new chief executive Jes Staley is planning to announce on Tuesday that the British bank has decided to exit its African operations in a bold move to refocus the bank on its core UK and US markets.

After a review of the African business led by Jes Staley, the bank’s board decided last week that in principle it made strategic sense to get out of the continent, according to people familiar with the matter.

But Barclays Bank Zambia Head of Marketing and Corporate Relations Mato Shimabale said the speculations concerns shareholding of Barclays Africa Group Limited and will not impact the operations of Barclays Bank Zambia Plc.

Mr Shimabale said customer deposits are safe and will not be impacted in any way.
He explained that Barclays Africa Group Limited is a separate listed company on the Johannesburg Stock Exchange and is regulated by the Reserve Bank of South Africa.

Mr Shimabale added that the strategy for Barclays Africa Group in Zambia has not changed and operations will continue as normal and the Group continues to see the Barclays Bank Zambia Plc franchise as a sound and solid business unit that will operate as a going concern.

“While we do not usually comment on market speculation, it is factually incorrect that Barclays Bank Zambia Plc is shutting down operations in Zambia. Barclays Bank Zambia Plc has been in Zambia for 99 years. We have a clear strategy in Zambia and we remain focused on executing that strategy to the benefit of our customers and other stakeholders,” he said.

He said in a statement that Barclays Bank Zambia Plc is a profitable business that is well capitalised, highly liquid and customers should not be worried about the safety of their deposits.

“We have continued to grow our Zambia business over the last 99 years offering our customers cutting edge financial products and innovative solutions. We are in a strong financial position and we will continue to ensure that we are able to deliver services and value to all our stakeholders and are particularly proud to be named the 2015 Bank of the Year in Zambia by the prestigious Banker magazine due to our strong financial performance and the high standards we have set in service delivery to which we are committed to continue delivering in the many years to come.”

22 COMMENTS

  1. the customer’s deposits are safe my foot! you just want this conglomerate to run away with poor man’s money like what meridian biao did in the chiluba era…am closing my account from your for there’s no smoke without fire.these statements are very alarming.

  2. Meridien BIAO is the result of a 1991 merger between the Meridien group’s banks started by Mr Andrew Sardanis, a Cypriot born Zambian, and a network of 11 banks he bought from the French liquidator of Banque Internationale pour L’Afrique Occidental (BIAO).

    By Webster Malido (POST dated 3 November 2004)…
    Lusaka — LATE Ronald Penza’s interference caused the collapse of Meridien BIAO Bank Zambia, former chairman of Meridien BIAO International Andrew Sardanis has revealed.
    And Sardanis has denied ever siphoning US $90 million to the Bahamas.

    BASED ON THE ABOVE BARCLAYS CAN NOT BE COMPARED TO MERIDIEN BIAO…THE NAMES OF PEOPLE IN MERIEDIEN ARE SYNONAMOUS WITH ZAMTROP.

  3. Let them close!!! Ba Kwindi bapa Longacres Branch Barclays Bank stole all my money because i didn’t contact them for a couple of years. When i finally did they said my accountdidn’t exist in their bank data..

    • No account gets closed when there is money in it. Unless you say the amount was so little that it all went to servicing your monthly bank charges until the account got closed when the value in your account went negative.

      Even then if you had your account details they should have explained to you the status of your account before it was closed. The branch could not do that but the Head Office would check. If you were sensible and the amount was colossal then you should have sued the bank without fail.

  4. Let them close!!! Ba Kwindi bapa Longacres Branch Barclays Bank stole all my money because i didn’t contact them for a couple of years. When i finally did they said my account didn’t exist in their bank data..

    • Going by your language, your account was in the negative, hence the bank did you a favour by closing the account and deleting it off.

    • It happened to me also a couple of years ago. I had a balance well over minimum balance. Those days they used to send the pin for a new card. When I received the PIN and wanted to get the new card, they said the account never existed.

  5. Now we understand why they stopped giving out loans. we will close all our accounts and move to other better banks like FNB, Standard chartered where as clients can get desired services.

  6. @ C- Genral………….. my money was STOLEN BY BACRCLAYS BANK LONGARCES BRANCH!! Whether you believe me or not. The motherfuucker who did it knows it and so do I.
    – FACT!!!!!!

    • I believe you, I know they do that because they have also told me that if I let my account be inactive they will close it even if it has money in it.

  7. Issue of closure could be true. In South Africa Barclays has announced the selling of ABSA its subsidiary. Barclays may playing dirty tricks…being in Zambia for 99 years does not mean the Bank cannot pull out of Zambia. Central chuswa, chain Tacoma mainsa

  8. South Africa has been good to Barclays Bank from the time gold and diamonds were discovered in that country ( or to guzzlers when SAB started brewing Castle) but has decided to abandon it the moment it started having serious economic problems although some of the problems admittedly were self inflicted like the appointment of an inexperienced Finance Minister by Zuma. These capitalists have no heart at all. It is the nature of their DNA. All that matters to them is money. Look at Anglo America, the way it abandoned Zambia but tried to come back encouraged by its proxies when the price of copper picked up. We would not have gone to an unknown Indian mining company who bought the mines at a song and gambles well if it was not for Anglo American.

  9. Zambians be proactive, act fast before they act. If its true, close your savings accounts change your pay points to other sustainable, customer friendly and reliable banks. Lessons from meridian BIAO.

  10. The Barclay Brothers were slave traders after profiting from this inhuman business started a bank called Barclays Bank. Its been blood money all through these 99 years

  11. Countrymen barclays is gone just withdraw your money what that head marketing Shimabale is saying doesnt hold water, the owners have said they are pulling out, who is he to despute that!

  12. Maybe Kambwili will direct Barclays to cancel the pullout otherwise the Pope will intervene kikikiki

  13. i got a loan of k70 000 paying monthly instalments of K1 942 for 60 months. but after 6months my payslip showed that i had restarted the repayments from 60 months again. when went to the branch to ask i was told gvt had increased the scheme loan percentages. am losing K1942 x 6months = K13,452. is this not stealing? am steal paying for the loan.

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