[2008-05-22]  Barclays Kenya boss to head East and West Africa operations
Barclays Bank PLC has reorganised its business in emerging markets and appointed new managing directors in six regions. The company said the move would help it tap emerging markets’ potential as well as keep pace with the changing dynamics of global business. Keep pace. Barclays Bank Kenya Managing Director, Mr. Adan Mohamed, has subsequently been appointed Managing Director to head the bank’s operations in the newly-created East and West Africa region. The region pools Kenya together with Tanzania, Uganda and Ghana. Mr. Mohamed, however, retains the role of Managing Director of Kenya. Emerging markets, most of them located in Asia and Africa, have become the focus of investments because they are expected to grow at a faster rate compared to other global economies. Soaring global commodities prices are driving economies in most of these regions. Through its arm that focuses on emerging markets, Barclays, has appointed managing directors in India and Indian Ocean, Middle East and North Africa, Southern Africa, Russia, Pakistan and East and West Africa. Mr. Mohamed said of his appointment: ‘I am delighted about the prospects of building the Barclays business to be a powerhouse in East and West Africa.” He said in a press statement at there were significant opportunities, especially in West Africa, which Barclays needed to exploit to become “the number one bank on the African continent”. “The new structure will allow us to share best practice across the region, leverage centres of excellence, and replicate our success story here in Kenya,’’ he said. In Kenya, Barclays has had to change tact, doing away with high end banking in favour of small savers and borrowers. Branch expansion, which saw the bank open 45 more branches, and aggressive lending have been the cornerstone of its new image. This is reflected in its results, with its revenue growing to Sh18.9 billion in 2007 from Sh15 billion in 2006. Ahmed Khizer Khan, Chief Executive, Emerging Markets, Barclays Global Retail & Commercial Banking said Mr. Mohamed was considered for the post because of his outstanding performance in Kenya. “This promotion is in recognition of Adan’s outstanding performance, and of the increased importance of this region to Barclays,” he said. He said Barclays had made considerable investments in the East and West Africa region and was looking to Mr. Mohamed to drive these businesses.
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