The VRs of Absa and BAGL consider their strong company profiles.
BAGL has the highest common equity Tier 1 ratio in its peer group and one of the highest Fitch Core Capital ratios (14.
If we had found out before the announcement -- that Barclays PLC intended on selling down its stake in BAGL
-- then legally Maria [Ramos, the CEO of BAGL
] and myself would have had to announce this as part of our responsibility to the Africa group.
If the bid is successful, BAGL
will be incorporated under the Atlas Mara brand, turning it into a major financial services brand in the markets it already serves, including South Africa.
The deterioration was a significant contributor to the movement in the reported results of BAGL
, Barclays said.
is a non-operational entity and its issuer rating is mainly driven by the structural subordination of its creditors to those of Absa Bank.
However, it is notes that business in the rest of Africa may be more susceptible to the Barclays brand, since BAGL
has been operating under the Barclays name in key markets for decades and has built sizable franchises in Ghana, Botswana, and Kenya.
In a message shared on the BAGL
website the same day, CEO Maria Ramos assured customers that Barclays Africa would is committed to Africa.
In its separate FY 2015 report, BAGL
noted that revenue from Rest of Africa grew 14 per cent and headline earnings rose 17 per cent to ZAR 2,3 billion, to contribute 21 per cent and 16 per cent of the total Group respectively.
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Following extensive discussions, BAGL
and BBPLC could not agree key commercial terms and a decision has been taken not to proceed with the proposed combination, Barclays said in a statement.
The company's stock is traded under the symbol BAGL