Barclays Bank of Kenya (Barclays) shareholders at the Annual General Meeting held in Nairobi today approved the sale of its custody business to Standard Chartered. The sale proceeds expected are approximately Ksh3.5 billion less transaction costs and possible adjustments relating to the value of custody assets at completion date.

Commenting on the transaction,Mr Adan Mohamed Managing Director of  Barclays East and West Africa said: "We got excellent value for the custody business. The proceeds of which we will use to further grow our Consumer and Corporate businesses, and to invest in a state-of-the-art technology platform which will position us for future growth without impacting significantly on future returns to shareholders."

In addition, Barclays shareholders approved a final dividend for the year ended 31st December 2009 of Ksh2 per share, which when taken
together with the interim dividend of Ksh0.50 per share paid previously makes a total dividend for the year of Ksh2.50 per share - an overall 25
per cent increase over 2008.  

The increase in dividend was attributed to Barclays strong performance during the year.  "We continued to grow our profits in 2009, despite
economic pressures both locally and in the global markets," said Mr. Mohamed. "Barclays record Ksh9 billion performance was driven by the
consolidated gains from the business expansion in the last two years; better margin management; a committed focus to enhance Barclays products
and service offering; and excellent credit risk management in a challenging economic environment."

During the meeting, shareholders also approved the amendment of the Company's Articles of Association, and the re-election of directors
Francis Okomo-Okello, Rose Ogega and Mr Mohamed.