May 31, 2017 / 3:29 PM / 2 months ago

BRIEF-Barclays signs ‍terms of separation with Barclays Africa

2 Min Read

May 31 (Reuters) - Barclays Plc:

* ‍terms of separation with Barclays Africa signed​

* Barclays will contribute equivalent of 1.5 percent of BAGL's market capitalisation towards establishment of a broad-based black economic empowerment scheme​

* ‍expects to incur some additional operating expenses in respect of delivering separation of businesses​

* Separation arrangements include contributions from Barclays to BAGL totalling 765 million stg

* 515 million stg (at 1 March 2017 gbp:zar exchange rate), to provide additional capital to BAGL to allow it to make investments required to achieve separation

* ‍Barclays has agreed to indemnify BAGL against certain potential losses suffered by BAGL​

* ‍Barclays' liability under perimeter indemnity is uncapped and under policy indemnity is capped at 614.7 million​ stg

* 55 mln stg to cover separation-related expenses, of which 27.5 mln stg was paid in 2016 by Barclays to BAGL

* 195 mln stg for termination of existing master services agreement between Barclays and BAGL Source text for Eikon: Further company coverage: (Bengaluru Newsroom)

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