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Barclays to offload 12% stakes in Africa

Barclays_sellsBarclays has announced it placing of 103.6 milloin shares or around a 12.2% stake in Barclays Africa with institutional investors. The sale is expected to raise £750m for the bank.  Barclays wants to reduce its 62.5% share in Barclays Africa, which is listed on the Johannesburg stock exchange, to below 20%. Barclays said Public Investment Corporation, a South African state pension fund which already has a more than 5% stake in the African business, was acting as an anchor investor in the share placing.  The sale announcement is part of its plan to scale back from loss making African and Asian businesses.  Barclays former CEO Bob Diamond is said to be part of a consortium that is trying to bid for the operation.

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