Barclays Kenya is not shutting down

                                                           Kenyan Backrays Bank MD, Jeremy Awori

There are no local, regional or group level plans to shut down Barclays Bank of Kenya, the MD has said on reports that the institution will exit Africa.

Jeremy Awori was responding to a decision by Barclays PLC chief executive Jes Staley toleave Africa as reported by the Financial Times on Saturday.

"The ongoing speculation is related to the shareholding of Barclays Africa Group and does not in any way impact the day to day running of this institution," Awori said in a statement on Monday.

"Consequently any decisions concerning the operations of Barclays Kenya can only be made by Barclays Africa Group in consultation with other investors who are shareholders in this business."

He noted that Barclays PLC owns 62.3 per cent of Barclays Africa Group, which in turn holds a controlling stake in BBK and 11 other operations in Africa. The group owns 67 per cent of BBK while Kenyan investors own 33 per cent.

Assuring the bank has a clear strategy for Kenya, Awori said stakeholders' accounts are safe and will not be affected.

"Your money is safe with us and you should not be concerned about the operation of your account. We remain, as always, at your service," he said.

He said the bank will roll out a proposition to give customers easier access to services.

Staley said the bank's board took the decision at a review he led and plans to announce the exit on Tuesday.

The review came after South African President Jacob Zuma decided to change his finance minister twice in less than a week at a time when the economy is under severe stress.

The board has appointed a subcommittee to study how and when to sell Barclays Africa , the Financial Times said.

Credit: The Star