@DailyNation

Barclays defends KPMG pick after parent firm dropped S Africa unit

4 months ago, 26 Maý 08:18

By: James Ngunjiri

Barclays Bank of Kenya #ticker:BBK has defended the choice of KPMG Kenya as its external auditor weeks after its mother company Barclays Africa Group Ltd (BAGL) ceased to engage KPMG South Africa over integrity concerns.

Friday, Barclays Bank of Kenya (BBK) shareholders approved KPMG Kenya as the lender’s external auditor for the second year.

The shareholders of the Nairobi Securities Exchange (NSE) listed tier-one bank voted in support of the proposed auditors during the bank’s 50th annual general meeting held in Nairobi.

Barclays management said there was no contradiction since the partnership in Kenya is a separate entity - “completely separate legal entity” -from the partnership in South Africa.

“The issues pertaining one entity, which is South African entity cannot be attributed to another entity. For that reason, we know, we as a Kenyan company are comfortable with the practice and partnership that exist here locally and that’s why we have proceeded with approving them as our auditors,” said BBK marketing and corporate relations director Caroline Ndung’u.

ALSO READ: Barclays investors to approve external auditor at AGM

BBK’s parent company BAGL a few weeks ago said that it had dropped KPMG South Africa as its auditors following a controversy over its work for the infamous Gupta family, which has faced a barrage of allegations linked to state graft.

BAGL is listed on the Johannesburg Stock Exchange and is one of Africa’s largest diversified financial services group.

Change of name

Barclays Kenya management said it was able to separate the two companies and there is no overlap in how they do business.

The shareholders also approved the bank’s planned change of name to Absa over the next two years.

“The approval by our shareholders marks a key milestone in our separation from Barclays PLC and our transition into an independent African bank with a global reach.

At Barclays Kenya, it is an exciting opportunity for us to build on our legacy and create a truly Kenyan business with renewed commitment to bring possibilities to life,” said BBK chairman Charles Muchene.

The approval by BBK’s shareholders came just a week after shareholders of the parent company – BAGL gave the go-ahead for the group to change its name from Barclays Africa to Absa Group in July.

Following this approval, Barclays Kenya has until June 2020 to unveil its new brand in the market, subject to regulatory approval.

This is in line with separation agreement between Barclays PLC and BAGL, which allows the use of Barclays brand in the market until 2020.

ALSO READ: Barclays has no plans for tie-up with rival banks: sources

But even before the 2020 deadline reaches the Kenyan lender is already facing legal hurdles in its bid to adopt the name of its South African parent company.

Last month a petitioner rushed to court to block Barclays Kenya from using the name, saying it had already registered a company as Absa Group.

As of June 2017, Barclays PLC was a minority shareholder in BAGL.

“This process will be managed and will align with all shareholder and regulatory requirements to ensure it ...
Read More


Category: topnews news business

Suggested

1 hours ago, 14:07
@CITIZENTV - By: Citizen Reporter
15 Chinese nationals arrested in Nairobi over claims of prostitution

15 Chinese nationals have been arrested in Nairobi on suspicion that they were engaging in prostitution. ...

Category: topnews news
1 hours ago, 13:54
@CITIZENTV - By: Dzuya Walter
Jirongo arraigned in court over Ksh20M debt owed to Yongo

Ex-Lugari MP Cyrus Jirongo has been arraigned in court for failing to pay Ksh.20million debt owed to businessman Brian Yongo following a court order. ...

Category: topnews news
1 hours ago, 13:42
@StandardMedia - By: Kamau Muthoni
DPP asks court to lift orders blocking him from prosecuting DCJ Mwilu

DPP wants DCJ Mwilu’s case moved to anti-graft court; says he wasn’t given a chance to argue against her application to block prosecution. ...

Category: topnews news
1 hours ago, 13:42
@CITIZENTV - By: Reuters
Pochettino defends team selection after ‘cruel’ defeat

Pochettino defends selection after 'cruel' defeat ...

Category: topnews news sports
1 hours ago, 13:42
@DailyNation - By: Ruth Mbula
Okoth Obado's bodyguard, clerk held over Sharon murder

Clerk, whose car is linked to the kidnapping, also held. ...

Category: topnews news
Now
@TheStar - By: Maureen Mudi @mau ...
Nakumatt claims Sh11bn from Nyali landlord, auctioneers for damages

Troubled Nakumatt Holdings now wants its former landlord and an auctioneer to admit liability worth billions in losses it incurred during its eviction early this year.In a letter to Ideal Locations Lt ...

Category: topnews news

@DailyNation

Barclays defends KPMG pick after parent firm dropped S Africa unit

4 months ago, 26 Maý 08:18

By: James Ngunjiri

Barclays Bank of Kenya #ticker:BBK has defended the choice of KPMG Kenya as its external auditor weeks after its mother company Barclays Africa Group Ltd (BAGL) ceased to engage KPMG South Africa over integrity concerns.

Friday, Barclays Bank of Kenya (BBK) shareholders approved KPMG Kenya as the lender’s external auditor for the second year.

The shareholders of the Nairobi Securities Exchange (NSE) listed tier-one bank voted in support of the proposed auditors during the bank’s 50th annual general meeting held in Nairobi.

Barclays management said there was no contradiction since the partnership in Kenya is a separate entity - “completely separate legal entity” -from the partnership in South Africa.

“The issues pertaining one entity, which is South African entity cannot be attributed to another entity. For that reason, we know, we as a Kenyan company are comfortable with the practice and partnership that exist here locally and that’s why we have proceeded with approving them as our auditors,” said BBK marketing and corporate relations director Caroline Ndung’u.

ALSO READ: Barclays investors to approve external auditor at AGM

BBK’s parent company BAGL a few weeks ago said that it had dropped KPMG South Africa as its auditors following a controversy over its work for the infamous Gupta family, which has faced a barrage of allegations linked to state graft.

BAGL is listed on the Johannesburg Stock Exchange and is one of Africa’s largest diversified financial services group.

Change of name

Barclays Kenya management said it was able to separate the two companies and there is no overlap in how they do business.

The shareholders also approved the bank’s planned change of name to Absa over the next two years.

“The approval by our shareholders marks a key milestone in our separation from Barclays PLC and our transition into an independent African bank with a global reach.

At Barclays Kenya, it is an exciting opportunity for us to build on our legacy and create a truly Kenyan business with renewed commitment to bring possibilities to life,” said BBK chairman Charles Muchene.

The approval by BBK’s shareholders came just a week after shareholders of the parent company – BAGL gave the go-ahead for the group to change its name from Barclays Africa to Absa Group in July.

Following this approval, Barclays Kenya has until June 2020 to unveil its new brand in the market, subject to regulatory approval.

This is in line with separation agreement between Barclays PLC and BAGL, which allows the use of Barclays brand in the market until 2020.

ALSO READ: Barclays has no plans for tie-up with rival banks: sources

But even before the 2020 deadline reaches the Kenyan lender is already facing legal hurdles in its bid to adopt the name of its South African parent company.

Last month a petitioner rushed to court to block Barclays Kenya from using the name, saying it had already registered a company as Absa Group.

As of June 2017, Barclays PLC was a minority shareholder in BAGL.

“This process will be managed and will align with all shareholder and regulatory requirements to ensure it ...
Read More

Category: topnews news business

Suggested

1 hours ago, 14:07
@CITIZENTV - By: Citizen Reporter
15 Chinese nationals arrested in Nairobi over claims of prostitution

15 Chinese nationals have been arrested in Nairobi on suspicion that they were engaging in prostitution. ...

Category: topnews news
1 hours ago, 13:54
@CITIZENTV - By: Dzuya Walter
Jirongo arraigned in court over Ksh20M debt owed to Yongo

Ex-Lugari MP Cyrus Jirongo has been arraigned in court for failing to pay Ksh.20million debt owed to businessman Brian Yongo following a court order. ...

Category: topnews news
1 hours ago, 13:42
@StandardMedia - By: Kamau Muthoni
DPP asks court to lift orders blocking him from prosecuting DCJ Mwilu

DPP wants DCJ Mwilu’s case moved to anti-graft court; says he wasn’t given a chance to argue against her application to block prosecution. ...

Category: topnews news
1 hours ago, 13:42
@CITIZENTV - By: Reuters
Pochettino defends team selection after ‘cruel’ defeat

Pochettino defends selection after 'cruel' defeat ...

Category: topnews news sports
1 hours ago, 13:42
@DailyNation - By: Ruth Mbula
Okoth Obado's bodyguard, clerk held over Sharon murder

Clerk, whose car is linked to the kidnapping, also held. ...

Category: topnews news
Now
@TheStar - By: Maureen Mudi @mau ...
Nakumatt claims Sh11bn from Nyali landlord, auctioneers for damages

Troubled Nakumatt Holdings now wants its former landlord and an auctioneer to admit liability worth billions in losses it incurred during its eviction early this year.In a letter to Ideal Locations Lt ...

Category: topnews news
Our App