NAIROBI, May 27 (Reuters) - Barclays Africa Group is expanding its insurance business through acquisitions tosupport growth, its deputy chief executive said on Friday.
David Hodnett said the bank was scouting for an insurancebusiness to buy in Ghana, having bought First Assurance in Kenyain a transaction completed in November.
"There are a lot of insurance parties who are interested inAfrica but we marry it together with our banking propositionwhich I believe gives us a unique advantage," he said in aninterview in the Kenyan capital.
British bank Barclays Plc has cut its stake inBarclays Africa to 50.1 percent from 62 percent and may sell therest to a strategic investor as it retreats from Africa to focuson core markets in Britain and the United States.
Hodnett said a lot of potential buyers were expressing aninterest in the business.
"But there is a big difference between expression ofinterest and an offer that everybody is happy with," he said.
The company was undeterred by a slowdown in Africaneconomies on the back of the commodity price drop, Hodnett said.
"We still believe in the Africa rising narrative," he said,adding that even countries that were no longer expandingrobustly still offered some opportunities.
Barclays Africa wanted to be in the top three by revenue inall the markets it operates in, Hodnett said, adding that it waspursuing a bank licence in Nigeria.
"While a lot of people might view it as being difficult, weview it as an exciting opportunity to build an African bank forthe future," he said. (Reporting by Duncan Miriri; editing by David Clarke)