# Barclays announces sale of remaining shares in South Africa’s Absa
Author: Pal sinha, Barnali
Author URL: https://startupobserver.com/author/pal-sinha-barnali/
Published: 2022-09-01
Category: Headlines
Category URL: https://startupobserver.com/category/headlines/
Meta Title: Barclays to sell remaining stake in South African bank Absa
Meta Description: Barclays announced the sale of its 7.4% stake in Absa, marking the end of its over 90-year presence in Africa. Find out more about the bank's exit strategy.
URL: https://startupobserver.com/barclays-announces-sale-of-remaining-shares-in-south-africas-absa/

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LONDON (Reuters) – Barclays will sell its remaining 7.4% stake in South African bank Absa, it said on Wednesday, completing its exit from a more than 90-year presence on the continent.

The British lender said it will sell the 63 million Absa shares to institutional investors in a process known as an accelerated bookbuilding, with the pricing yet to be set.

Barclays this year sold a similar sized stake for 526 million pounds ($611.84 million).

The British bank announced it would sell Absa in 2016, as part of a strategy revamp to focus more on the United States and Britain under then-Chief Executive Jes Staley.

($1 = 0.8597 pound)

(Reporting By Lawrence White; editing by Jonathan Oatis)


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