Feb 26 (Reuters) - Barclays PLC Chief Executive JesStaley has decided to shut the bank's operations in Africa, theFinancial Times said on Friday, citing sources familiar with thematter.
The bank's board took the decision last week at a review ledby Staley and plans to announce the exit on Tuesday, the FTsaid. (http://bit.ly/1Ljam8V)
The board has appointed a subcommittee to study how and whento sell Barclays Africa, the FT said.
No comment was immediately available from Barclays.
Staley's review came after South African President JacobZuma decided to change his finance minister twice in less than aweek at a time when the economy is under severe stress.
Barclays' African business had 36 billion pounds ($54billion) of assets on a risk-adjusted basis and made a profit of791 million pounds in the first nine months of this year, or 13percent of the bank's core profits. (Reporting by Sneha Teresa Johny in Bengaluru; Editing by RuthPitchford)