Barclays to Sell 22% Africa Division Stake Worth $2 Billion
- British bank is gradually divesting unit to bolster capital
- Barclays aims to reduce stake to 15% over the longer term
A logo sits on display outside the offices of Barclays Plc bank in Johannesburg, South Africa.
Photographer: Waldo Swiegers/BloombergBarclays Plc said it will sell a further 22 percent stake in its South African unit, a holding worth about $2 billion at current prices, as part of the U.K. bank’s plan to shrink its operations and bolster capital strength.
The London-based lender is offering about 187 million shares of Barclays Africa Group Ltd. in an accelerated bookbuild after it received approval from South African authorities, it said in a statement Wednesday. The bank has demand for all the shares on offer, according to a person with knowledge of the plan. Barclays, which currently holds 50.1 percent of Barclays Africa, said it has a long-term target of reducing its shareholding in the unit to 15 percent.