I think Mutinda is right and Barclays is selling their operations in Africa. They are selling their entire holding, which is 62% of Barclays Africa, meaning they will have no stake with whatever entity remains in Africa to carry on the current operations.

Now 2 things will happen. One, they may strike a deal with whoever buys the stake and continue to use the Barclays brand. Two, a bigger bank like Stanchart may buy the stake and covert the Barclays brands in Africa to Stanchart. Either way, there will be serious job losses and migration to competitors. The stake is worht over  USD 5 billion, so I don't smaller local banks can afford it.

What we are hearing locally from Barclays in damage control. Whatever is happening is beyond their control and at this moment they can't give a definite position. But they don't want mass panic so they are saying nothing is going to change.

Now to the issue of local shareholders: Their minority stake in Barclays operations such as the ones in Kenya, Uganda and other countries may be bought out by force by the new buyer or may be transferred to the whatever form of entity the new buyer establishes. If you have shares in Barclays, you may start thinking about what happens to them in a year or 2 years time when all this goes down.

Think of this scenario as Kencell > Celtel > Zain > Airtel. Something always changes.

On Wed, Mar 2, 2016 at 9:58 AM, Jimmy Thuo via skunkworks <skunkworks@lists.my.co.ke> wrote:
One thing that is very likely to happen is retrenchment in addition to poaching from competitors and an exodus of employees. Retrenchment will lead to disgruntled employees, Cases of fraud and theft are likely to rise. Public perception has taken a negative turn. Customers are pulling out for fear of losing their money. So as much as we want to tell ourselves it will be business as usual and that the operations wont be affected much, it will be wise to watch cautiously from the side lines with your savings safely under the mattress or in any other bank. 

On Wed, Mar 2, 2016 at 9:30 AM, Brian L <lusiola@gmail.com> wrote:
There is too much speculation and different stories regarding Barclays in Africa operations.

Before you dismiss Mutinda;

http://www.bbc.com/news/business-35695601

and 

http://www.bbc.com/news/business-35695164

Are in the headlines.

All the other information is coming from the local camp, like the x file...the truth is out there

On Wed, Mar 2, 2016 at 1:20 PM, Jimmy Thuo via skunkworks <skunkworks@lists.my.co.ke> wrote:
Before we rush to dismiss Mutinda, lets wait and see what happens. A lot of factors may come into play that may leave the bank on its knees. Already a good number of people have migrated their accounts to other banks. 

On Wed, Mar 2, 2016 at 8:11 AM, Michael Bullut via skunkworks <skunkworks@lists.my.co.ke> wrote:

I have a cousin who works at Barclays South Africa & she informs me this will not impact day to day running of the bank. The bank will certainly not close down. If it is to be sold, it will be as a going concern.

Sent on the run,
Please excuse errors & omissions!

On 2 Mar 2016 07:35, "Alvin Jason Ochieng via skunkworks" <skunkworks@lists.my.co.ke> wrote:
lol! Mutinda my good friend information is indeed power !

On Wed, Mar 2, 2016 at 6:14 AM, Stephen Wanjau via skunkworks <skunkworks@lists.my.co.ke> wrote:
Ignorance finally flaps its wings on Skunkworks.

Stephen Wanjau

Tel:+254 722 238 165  | Skype ID: mana.nas | Twitter ID: uwanja |

It is within reach. Believe it. 

On Tue, Mar 1, 2016 at 10:46 PM, Jared Koyier via skunkworks <skunkworks@lists.my.co.ke> wrote:

How about you get all your facts right first before making an ill informed post. They say they are reducing their stake to a non controlling position and the decision is influenced by bank of England regulatory factors.

On Mar 1, 2016 10:32 PM, "Mutinda Kitana via skunkworks" <skunkworks@lists.my.co.ke> wrote:

Haiya,

Have you guys heard? Barclays has bowed out of Africa. A chilling reminder that global banks aren't out of the woods just yet!

Regards,

--
Mutinda Kitana
P.O. Box 55141-00200
Nairobi.
Tel: +254-722944455


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