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Barclays PLC has announced its intention to sell 187 million ordinary shares in Barclays Africa Group, which represents approximately 22% of Barclays Africa’s issued share capital.
This follows receipt of the required regulatory approvals, including approval from the South African Minister of Finance, for Barclays PLC to reduce its shareholding in Barclays Africa to below 50%.
Barclays PLC announced on March o1 that it intended, over a two to three year period, to reduce its shareholding in Barclays Africa.
Last year, the lender sold 103.6 million shares (representing 12%) in Barclays Africa to South African state pension fund Public Investment Corporation (PIC) reducing its shareholding to 50.1%.
The new sell-down transaction is in the form of an accelerated bookbuild, which has been activated, and is expected to be concluded today.
“This transaction marks the next phase of Barclays Africa’s evolution as a standalone pan-African financial services group, committed to Africa,” said Maria Ramos, Barclays Africa CEO.
Listed on the Johannesburg Stock Exchange, Barclays Bank has operations in 12 African countries including Uganda, Kenya, Tanzania and Tanzania.
Early last year, the British lender announced plans to sell its 62 % stake in Barclays Africa Group ending its presence on the continent after more than a century and becoming a transatlantic bank focused on the United States and Britain.
The Bank said it would then concentrate on two divisions, Barclays UK and Barclays Corporate and International, to comply with ring-fencing regulations aimed at safeguarding its retail banking business from riskier operations.
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