Barclays Licensed to Deal in Securities

Barclays Bank of Ghana Limited has formally been licensed by the Securities and Exchange Commission (SEC) to continue to operate as a custodian.

Barclays Bank thus becomes the first Bank to achieve the feat and the leading custodian in Ghana with a market share of approximately 90%.

Under the arrangement, Barclays Bank Ghana is authorised to operate as a dealer under the Securities Industry Law, 1993 (PNDC Law 333).

Ghanaian institutions and companies to benefit from the services include those involved in:-

? Investment Company Management;

? Fund or Investmen Management;

? Pension and Provident Fund Schemes;

? Mutual Fund Schemes;

? Unit Trust Schemes; and

? Insurance Fund Management

Fully comprehensive securities service to be provide by Barclays include:-

? Settlement of Ghana Stock Exchange trades;

? Purchase and Settlements of Bank of Ghana Treasury Bill trades;

? Safe-keeping of documents of title; and

? Corporate action (i.e. Rights and Bonus issues, Mergers and Acquisitions and Proxy voting services) with the Bank providing beneficiaries with comprehensive reporting.

Barclays Bank Plc has a dedicated custody product management team in the United Kingdom supporting custody services operation in Ghana, Mr. Kobina Quansah, Barclays Managing Director has said, stressing that one is therefore assured that the services the Bank provides meet and comply with international and Barclays Group standards.

Barclays Group has long provided custodial services to major institutional clients for over 30 years.

"In the line with the Bank's African business," Mr. Quansah says, "Barclays offers a comprehensive range of securities administration and custody services from a number of its subsidiaries in Africa including Botswana, Ghana, Kenya, Uganda, Zambia, Zimbabwe, as well as in Europe." He added that Barclays Ghana has been providing custodial service since 1993 with US Mutual and Pension Funds as one of its notable international investors.