# Barclays announces sale of remaining shares in South Africa’s Absa
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-09-01
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Barclays to sell remaining stake in South African bank Absa
Meta Description: Barclays continues exit from Africa with sale of 7.4% stake in Absa to institutional investors. Follows strategy revamp under Chief Executive Jes Staley.
URL: https://financedigest.com/barclays-announces-sale-of-remaining-shares-in-south-africas-absahtml

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LONDON (Reuters) – Barclays will sell its remaining 7.4% stake in South African bank Absa, it said on Wednesday, completing its exit from a more than 90-year presence on the continent.

The British lender said it will sell the 63 million Absa shares to institutional investors in a process known as an accelerated bookbuilding, with the pricing yet to be set.

Barclays this year sold a similar sized stake for 526 million pounds ($611.84 million).

The [British bank](https://www.financedigest.com/crown-agents-bank-owner-explores-sale-of-british-payments-group-sources.html "Crown Agents Bank owner explores sale of British payments group –sources") announced it would sell Absa in 2016, as part of a strategy revamp to focus more on the United States and Britain under then-Chief Executive Jes Staley.

($1 = 0.8597 pound)

[(Reporting By Lawrence White; editing by Jonathan Oatis)](https://www.financedigest.com/white-bullet-releases-ad-funded-piracy-report-for-world-intellectual-property-organisation-wipo.html "White Bullet releases Ad Funded Piracy Report for World Intellectual Property Organisation (WIPO)")


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