Barclays Africa has disclosed ongoing plans to list on the Nigerian Stock Exchange by next month, even as it considers joining the bourse of other African countries; all in a bid to avail foreign investors access to markets in Africa.
Barclays Africa’s Head of Market, Garth Klintworth, told Reuters earlier this week that the company’s subsidiary, Absa Capital Nigeria had just been granted a securities license which will allow it join the NSE. He said this is part of a wide-ranging plan to increase the company’s presence in the country.
We have acquired a securities licence, stock broking licence and we have already employed people to bring those licences to effect. -Klintworth
Klintworth further disclosed that his company has already witnessed inflows during the first quarter of this year, although quite a number of foreign investors “opted to wait as they searched for higher yields.”
Other African countries where the leading investment bank is currently exploring opportunities include Angola, Ivory Coast and Morocco.
Note that the company’s Chief Executive Officer, Maria Ramos, had in March revealed that she and her team will aim at doubling the corporation’s share of the African market to 12% in the next five to ten years.
Barclays Africa is also working towards rebranding its name to “Absa”, following a recent split from its parent company, Barclays.
The Nigerian Stock Exchange had hinted that it was reviewing the applications of some of the world’s top investment banks who indicated interests to join its fold three years ago. Barclays Africa is one of them.
Meanwhile, this is a good development because the Nigerian Stock Exchange is currently one of the least-tapped in the world’s emerging markets. This is despite the fact that it is the third largest bourse on the African Continent; with lots of opportunities.
The Nigerian bourse began 2018 on a good note. Unfortunately, some equities have become depressed in recent times due to profit taking.
