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Barclays announces final sale of stake in Africa

Barclays-Bank

Barclays has announced it will on Tuesday, December 5, sell a 7 percent stake in its Johannesburg-based Barclays Africa Group.

The bank announced this latest decision on Friday, December 1, 2017.

Some analysts believe the move could likely be the last in a series of such sales as Barclays 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 percent, 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.

The plan formed part of efforts by the bank to refocus its strategy on the United States and Britain.

A Financial Analyst at Dublin-based brokerage Goodbody, John Cronin, said,

“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”

Shares in Barclays Africa have risen by 9.7 percent since Barclays announced it would sell the unit in March 2016.

By: Citibusinessnews.com/Ghana

Credit: CNBCAfrica

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