The Eagle Flies Away

Barclays becomes the first big British firm to leave South Africa

For 61 years Britain's Barclays Bank has been a pillar of South Africa's financial community. And for the nearly 2 million South Africans of British descent, the bank's eagle logo has been a symbol of their country's few remaining links to the land of their ancestors.

No longer. Britain's second largest bank last week announced it was selling its share of Barclays National, South Africa's biggest commercial bank, for $116 million to a consortium of South African firms, including Anglo American, a diversified mining and manufacturing company, and the De Beers diamond concern. The divestiture, which followed a gradual reduction of...

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