Barclays Africa will start trading on the Nigerian Stock Exchange (NSE) as a stockbroking firm from July this year.
The Bank said its subsidiary Absa Nigeria had acquired a securities licence in Nigeria, as part of a wider plan to increase its presence in West Africa’s biggest economy.
Head of Markets for Barclays Africa Group, Garth Klintworth said Thursday, it is exploring opportunities in three other African countries, in a move to create access for foreign investors looking to tap into markets on the continent.
NSE, the third largest in Africa, has in the last few years said it was reviewing applications from leading global investment banks to join its trading floor to increase foreign investment in one of the world’s least tapped emerging markets.
“We have acquired a securities licence, stock broking licence and we have already employed people to bring those licences to effect,” Klintworth told Reuters on the sidelines of a conference in the commercial capital, Lagos.
The firm was also looking at openings in other markets on the continent.