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2022 08 31T153352Z 1 LYNXMPEI7U0TK RTROPTP 4 BARCLAYS AGM - Business Express

Barclays announces sale of remaining shares in South Africa’s Absa

LONDON (Reuters) – Barclays will sell its remaining 7.4% stake in South African bank Absa, it said on Wednesday, completing its exit from a more than 90-year presence on the continent.

The British lender said it will sell the 63 million Absa shares to institutional investors in a process known as an accelerated bookbuilding, with the pricing yet to be set.

Barclays this year sold a similar sized stake for 526 million pounds ($611.84 million).

The British bank announced it would sell Absa in 2016, as part of a strategy revamp to focus more on the United States and Britain under then-Chief Executive Jes Staley.

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(Reporting By Lawrence White; editing by Jonathan Oatis)


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