Barclays Africa hastens talks to buy banks in Egypt

“Our ambition is to do the acquisition of both, and the management changes have confirmed that that ambition will be realized,” Maria Ramos, chief executive officer of the Johannesburg-based lender, said Wednesday on a conference call. Barclays Executive Chairman John McFarlane “came to South Africa very shortly after his appointment and there’s very firm support for the Africa business,” she said.

McFarlane fired Barclays CEO Antony Jenkins this month and took control, saying he will boost revenue and double the share price over the next three to four years. Planned job cuts haven’t targeted the African operations, where the bank is seeking to expand in economies offering faster growth than more developed countries.

Barclays Africa is awaiting license approvals in Nigeria where it so far has a representative office for its corporate and investment bank. Expansion in Africa’s largest economy will be “organic,” Ramos said.