UK-based lender, Barclays has reduced its stake in South African financial institution ABSA in line with a 2016 announcement that it was looking to completely divest its African operations.
Barclays this week confirmed that it had further reduced its stake in Absa’s JSE-listed parent, Barclays Africa Group, to 14.9 percent from 23.4 percent in June.
Barclays hard earlier acquired 56.4 percent of Absa in 2005 and increased its interests in the South African lender to 62.3 percent in 2013, before deciding in 2016 to divest its African business.
Barclays Africa Group said on Friday morning that 1.5 percent of the shares had been transferred to a broad-based black economic empowerment scheme from its former UK parent, as agreed in June, BusinessDay South Africa reported.
Barclays has also agreed to sell 7 percent of its former South African subsidiary to the Public Investment Corporation (PIC) at R136.09 per share.
The sales are, however, subject to regulatory approvals.