Cape Town - British multinational bank Barclays on Friday announced that it would be reducing its stake in Barclays Africa to 14.9%.
“Barclays has indicated that this represents its desired long term shareholding in Barclays Africa and that no further sales are planned at this time,” it said.
Barclays Africa was formerly known as the Absa Group Limited.
In early 2016, Barclays – which at the time held a majority of shares in Barclays Africa - first announced that it would be reducing its stake to below 50%.
“This transaction marks the next phase of Barclays Africa’s evolution as a standalone pan-African financial services group, committed to Africa,” said Maria Ramos, Barclays Africa CEO, at the time of the initial reduction in shareholding.
In May 2016 Barclays reduced its shareholding to 50.1%.
Earlier this year, it again lowered its share, from 50.1% to 23.4%.
A 1.5% stake transferred from Barclays to an interim B-BBEE structure established by Barclays Africa brought its shareholding down to 21.9%.
Friday’s announcement now puts the British bank’s shareholding at 14.9%.
Barclay’s said the official transfer of the 7% reduction would to occur on December 5.