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Barclays plans further sales in Africa unit

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(Bloomberg)
(Bloomberg)

Johannesburg - Barclays plans to continue selling further stakes in its South African business on the market after cutting its holding to about 50%, three people with knowledge of the matter said.

The British bank is leaning towards conducting more sales to money managers - fast, controlled offerings with little-to-no marketing - after the May 5 transaction drew demand exceeding what was was on sale, the people said, asking not to be identified as the plans are private. Selling to a single buyer may face significant regulatory hurdles, the people said.

Dubai-based Abraaj Group is leading a group of investors that plan to bid for a stake of as much as 35% in Barclays Africa Group, people familiar with the matter said earlier this month. That came after ex-Barclays chief executive officer Bob Diamond confirmed months of speculation in April when he said he and investors including US private equity giant Carlyle Group LP are working together on a potential bid.

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