Barclays Bank operations in Zambia not to close

Barclays Bank Zambia said on Monday that reports that its parent company intends to wind up operations in Africa will not affect its operations.

Reports have emerged that Barclays Africa Group Limited is set to announce its exit from the African market, marking an end to the lender's 100 years existence.

According to the reports, the bank wants to put more focus on its core market in the United Kingdom and the United States.

The decision comes following the bank's board of directors meeting held last week where it was decided in principle that it was for the bank to exit Africa.

"While we do not usually comment on market speculation, it is factually incorrect that Barclays Bank Zambia Plc is shutting down operations in Zambia. The speculations concerns shareholding of Barclays Group Africa and will not impact the operations of Barclays Bank Zambia Plc. Customer deposits are safe and will not be impacted in any way," Mato Shimabale, head of the bank's marketing and corporate relations said in a statement.

He said the bank's strategy in Zambia has not changed and operations will continue as normal.

"Barclays Bank Zambia Plc is a profitable business that is well capitalized, highly liquid, and customers should not be worried about the safety of their deposits," he added.

Barclays Bank has been operating in Zambia for 99 years. Endit