Barclays starts sale of African business - CNBC Africa

Barclays starts sale of African business

Southern Africa

by Reuters 0

Barclays says to sell 12 pct stake in African business. Photo: Flickr.

Barclays said on Wednesday it is selling shares representing 12 percent of Barclays Africa Group, as the British bank follows through on plans announced in March to sell down its stake in its African business.

Barclays said in a statement it would sell 103.6 million shares in BAG, with up to 10.3 million shares going to South African state pension fund Public Investment Corporation (PIC).

"This is an important first step as we seek to reduce our shareholding in Barclays Africa to a level that achieves accounting and regulatory deconsolidation," Jes Staley, Barclays' Chief Executive, said.

Earlier, Reuters reported that PIC was in talks with Barclays about increasing its own stake in BAG by buying some of the British bank's 62 percent holding in the business.