Barclays plots R26 billion Absa sale – report

A Sky News report claims that Barclays aims to sell a large chunk of its stake in Barclays Africa Group, formerly Absa, for $2 billion (R26 billion).

The report claims that the group’s chief executive is targeting higher-growth areas.

Barclays Africa Group was formed in July 2013 by combining of Absa Group and Barclays’ African operations which include Ghana, Kenya and Uganda.

Sky News said that Barclays is drawing up plans to reduce its share in Barclays Africa Group to approximately 28%, from a current 50.1%.

Citing insiders, the news company said that the Public Investment Corporation (PIC) will likely acquire “a large minority chunk of the shares on offer”.

It said that the deal could be announced later today – Wednesday.

The British lender initially cut its stake in Barclays Africa from 62% to 50.1% in May 2016, noting that it would continue to sell down its shareholding.

Read: Government in talks with Barclays over Absa stake: report

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Barclays plots R26 billion Absa sale – report