Jun 1, 2017
Barclays cuts African operations stake to 15%
Barclays has sold a bigger chunk of its African operations than expected, cutting its stake to its target of 15 per cent, which the British bank said would boost capital but generate a £1.2bn loss. After the planned contribution of about 10 per cent of Barclays' remaining shares to a South African black empowerment scheme, the bank said its stake in its African operation would fall to about 15 per cent. Offloading the British bank's African business, which is one of the continent's largest lenders in its own right, is one of the most important decisions taken by Jes Staley since he became Barclays chief executive 18 months ago. It is a key step towards drawing the curtain on more than a century of Barclays owning its own operations in the African continent. The bank said the sale of shares in Barclays Africa Group Limited at SAR132 per share, which raised £2.2bn, would result in its African business being deconsolidated from its accounts.
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