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Barclays to sell stake in African unit

Barclays Bank is offloading a stake worth about £1.6 billion in its African business. The stock sale is part of CEO Jes Staley’s plan to streamline the bank and focus on Britain and the US. The bank is selling 22% stake in Barclays Africa. It has already secured approval from the South African government for the disinvestment. The sale will bring down the bank’s stake in the Johannesburg-based subsidiary from 50.1% to 28%. The bank aims to bring down its holding in the subsidiary to less than 20% and deconsolidate the subsidiary from its accounts. The sale will help the British bank to enhance its capital position. It had sold 12% stake a year ago.

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