State-owned investment group, the Public Investment Corporation (PIC) says it is keen to increase its stake in Barclays Africa, should its parent, Barclays, sell off some of its holdings.<\/p>\n
According to a report from BDLive<\/a>, PIC CEO Daniel Matjila expressed interest in a such a deal speaking to the publication at Davos.<\/p>\n He said it would be “an opportunity to reclaim what we sold”, and that the PIC “would be keen to participate” in a deal if it was put on the table.<\/p>\n No deal is on the table, yet, he said.<\/p>\n The PIC, which manages R1.5 trillion in assets, is currently the biggest South African investor in Barclays Africa, which trades at Absa in the country. The PIC has a 5.44% stake in the group, valued at R5 billion.<\/p>\n The Wall Street Journal reported last week that new Barclays CEO, Jes Staley was set on pulling out of African assets which were under-performing for the group.<\/p>\n Read:\u00a0Barclays is pulling out of Absa: report<\/a><\/strong><\/p>\n Reports indicate that one of the ways to accomplish the retreat would be sell off some of its stake in Absa.\u00a0Barclays currently holds a 62% stake in Absa.<\/p>\n The bank has reportedly declined to comment, calling the report “market speculation”.<\/p>\n Based in South Africa, Barclays Africa\/Absa has been hit hard by recent economic turmoil in recent months.<\/p>\n The rand has lost over 30% of its value in January, while the country is plagued by poor economic policies and ongoing drought conditions.<\/p>\n The bank has also become the target for political groups, the Economic Freedom Fighters and the ANC Youth League, for allegedly perpetuating structures of racism and “white capital supremacy”.<\/p>\n Absa revolt as staff threaten to join Malema protest: report<\/a><\/strong><\/p>\n We will shut \u2018racist\u2019 Absa down: Malema<\/a><\/strong><\/p>\nMore on Absa<\/h3>\n