Barclays Bank branch in central London. PHOTO | TOBY MELVILLE | REUTERS
Barclays will sell a 7 per cent stake in
Johannesburg-based Barclays Africa Group on December 5, the British bank
said on Friday, the latest and likely last in a series of such sales as
it ends more than 90 years as a major presence on the continent.
Barclays
said after the sale its stake in the African division would be 14.9 per
cent, which represents its desired long-term goal and no further sales
are planned.
The British bank first announced in March
2016 that it would sell most of its then 62 percent stake in Barclays
Africa over two to three years, as the bank refocused its strategy on
the United States and Britain under Chief Executive Jes Staley.
“This
news should be warmly received by shareholders and is a further step
along the path to eliminating non-core activities as management focuses
on its UK business,” John Cronin, financial analyst at Dublin-based
brokerage Goodbody, said.
Shares in Barclays Africa have risen by 9.7 per cent since Barclays announced it would sell the unit in March 2016.
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