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Barclays applies for license in Nigeria

Barclays Africa Group has applied for a Nigerian banking licence. The unit is also planning to take over the Egypt and Zimbabwe units still run by its parent company. The bank is intending to tap opportunities in sub-Saharan Africa as econmies of the countries there have shown robust growth. Barclays Africa Group, which is Africa’s No 3 lender, said it is in talks with its British parent to take over the two African operations left out of a 2013 all-share deal that saw it acquire eight country subsidiaries on the continent. Zimbabwe and Egypt were excluded from that arrangement because of political crises at the time. Barclays said businesses outside South Africa contributed 19% of group revenue, just below the 20-25% the company is aiming for by 2016.

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