Barclays sheds African lender stake in landmark departure from the continent

Mark Battersby
clock • 1 min read

UK headquartered Barclays said on 1 September it had sold its remaining 7.4% stake in South African lender for £538m, marking the banking group's almost complete departure from the continent after more than 100 years of operating there.  The exit marks the final step in Barclays' plans to withdraw the vast majority of its presence from Africa, after former head Jes Staley said in 2016 the firm would shift to focus more of its efforts on the US and Britain. It sold a 62% stake in Barclays Africa, which was a merger of Absa and Barclay's African operations and counted around 45,000 empl...

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