Barclays has announced it will on Tuesday, December 5, sell a 7 percent stake in its Johannesburg-based Barclays Africa Group.<\/p>\n
The bank announced this latest decision on Friday, December 1, 2017.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
The plan formed part of efforts by the bank to refocus its strategy on the United States and Britain.<\/p>\n
A Financial Analyst at Dublin-based brokerage Goodbody, John Cronin, said,<\/p>\n
\u201cThis 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\u201d<\/p>\n
Shares in Barclays Africa have risen by 9.7 percent since Barclays announced it would sell the unit in March 2016.<\/p>\n
–<\/p>\n
By: Citibusinessnews.com\/Ghana<\/p>\n
Credit: CNBCAfrica<\/p>\n","protected":false},"excerpt":{"rendered":"
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 […]<\/p>\n","protected":false},"author":14,"featured_media":194315,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[121,32,171,11],"tags":[15093,15094,2002],"yoast_head":"\n