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PIC in talks with Barclays on African business stake: source

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Johannesburg - South Africa's state pension fund is talking to Barclays about buying some of the stake which the British bank is selling in its African business, a source with direct knowledge of the matter said.

Barclays is selling down its 62% stake, which is worth some R73.77bn, in Barclays Africa Group (BAG) under a plan by new CEO Jes Staley to simplify the bank's structure and generate higher shareholder returns.

The Public Investment Corporation (PIC), Africa's largest fund manager with more than R1.8trn of South African government employee pension assets under its custody, is the second-biggest shareholder in BAG with a holding of about 6%.

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