Barclays to exit Africa as profits fall

Barclays Plc reported a 2% fall in full-year adjusted pre-tax profit on Tuesday and unveiled plans to simplify its United Kingdom and international operations to boost returns and cut costs, primarily by exiting its historic African business.

The British lender said it would sell down its 62% stake in Barclays Africa Group to focus on 2 main sibling divisions, Barclays UK & Barclays cooperate.