The National Bank of South Africa first established a branch at Port Louise in 1919, which became part of Barclays Bank (Dominion, Colonial & Overseas) through acquisition in 1925. By 1970, there existed 13 offices, as well as a branch at Port Mathurin on Rodrigues Island. In 1989, Barclays was granted a license to establish an offshore banking operation from the island at the request of the government. In 2002, a joint venture was established between Barclays and Banque de Nationale de Paris Intercontinentale (BNPI) which made Barclays one of the largest banks in the country. In 2004, an offshore asset finance leasing business was established to serve large corporate and multinational customers in the country. Barclaycard was launched in the country in 2006. Barclays' African custody business was sold to Standard Chartered in 2010. In 2013 it was announced that Barclays’ African businesses would be incorporated in a new business grouping, Barclays Africa Group, with Barclays holding a 62.3% stake in the new company. In 2016 Barclays announced plans for a progressive reduction of its shareholding in Barclays Africa Group Ltd.