Barclays to sell 62.3% stake in Africa
UK banking group Barclays Group today made firm its intention to sell its 62.3% stake in Barclays Africa Group (formerly Absa).
The global banker listed as part of its rationale for the sell-down that despite a strong returns profile locally, Absa's contribution is significantly diluted at Barclays Group level.
The bank also carries 100% responsibility with only 62.3% benefits, it said at it s results presentation.
Barclays said the sell-down will lead to further simplification of the group, resulting in cost reductions.
More to follow
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