The British bank, Barclays, has announced that it will be selling a 7% stake in its subsidiary Barclays Africa Group, leaving it will only 14.9%.
The share will be sold on 5 December, and will be the most recent of many sales from the company, leaving their historic presence in Africa of over 90 years.
Once the share of the Johannesburg-based company has sold Barclays say that it will have no desire to sell anymore as it reaches its long-term goal.
“Barclays Africa shareholders are advised that Barclays Africa has received formal notification from Barclays that its total interest in Barclays Africa has been reduced to 126,145,303 ordinary shares from 185,487,851 ordinary shares,” the bank announced on 1 December.
The company announced in March, last year, that it planned to sell the majority of its then 62% stake in Barclays Africa Group in a period of two to three years.
“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,” commented John Cronin, Financial Analyst at a Dublin-based brokerage Goodbody.