Barclays to cease Africa from Dubai

DUBAI: Barclays plans to move its Africa headquarters in Dubai back to Johannesburg, a spokesman for the bank said on Sunday, leaving more than 120 employees with the option of relocating or quitting the bank.

The British lender mainly runs back office functions for its Africa operations out of its Dubai base. A source said employees had been informed of the plan and their options.

Sami Lahoud, head of corporate affairs at Barclay's Africa, said 123 employees affected by the move will have until the end of the year to decide.

"These are individual decisions based on people circumstances and preferences," Lahoud added. "The majority of senior positions will move to Johannesburg.

"By the 1st of January 2012, we will be operating out of Johannesburg."

Barclays Africa headquarters was based in South Africa until 2006 when it was moved to the Gulf Arab emirate.

The latest move follows the recent decision by Barclays and its majority-owned Absa Group to combine their operations, the source said. Barclays bought a 56.4 percent stake in Absa in 2005.

Barclays Capital's head of Islamic products left the company in January as the British bank refocused its attention to core businesses.