Barclays Sells Stake in African Business for $882 Million
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A Barclays branch in Nairobi, Kenya. The bank is cutting its 62.3 percent stake in the African business in order to free itself from regulatory and capital requirements that have dragged on its balance sheet.CreditThomas Mukoya/Reuters
LONDON — Barclays said on Thursday that it had sold a 12.2 percent stake in the Barclays Africa Group for 13.05 billion South African rand, or about $882 million.
The British bank is cutting its 62.3 percent stake in the African business to free itself from regulatory and capital requirements that have dragged on its balance sheet.
Barclays, which has operated in Africa for more than a century, said on Wednesday that it would make its first sale of its stake in the African business after announcing plans in March to do so. The bank would like to reduce its holdings to below a controlling level, or to sell the stake entirely…
Barclays Sells Stake in African Business for $882 Million
