Barclays said its board is evaluating strategic options in relation to its shareholding in its African business, Barclays Africa Group. There were news reports earlier that the bank intends to shut down operations its Africa operations and had appointed a subcommittee to study the sale process. According to the reports, after a review of the African business, the bank’s board had decided that in principle it made strategic sense to get out of the continent. The board has delegated authority to a subcommittee to examine the practicalities of how and when to sell Barclays Africa, one of its four main lines of business. This means that a sale of the bank’s 62.3% stake in its Johannesburg-listed subsidiary will depend on numerous factors, including market conditions and the response of regulators. The stake is worth R78 billion ($4.83 billion) at current market prices.
