Barclays Set To Sell Its Remaining Absa Shares
Barclays Set To Sell Its Remaining Absa Shares. Further to the announcement released on 31 August 2022, Barclays, via its wholly owned subsidiary, Barclays Principal Investments Limited, has agreed to sell its entire holding of 63,072,652 ordinary shares in the capital of Absa representing approximately 7.4% of Absa’s issued share capital at a price of R 169.0 per share through an accelerated bookbuild placing.
Barclays is a British universal bank. The company is diversified by business, by different types of customers and clients, and by geography. Its businesses include consumer banking and payments operations around the world, as well as a top-tier, full service, global corporate and investment bank, all of which are supported by its service company which provides technology, operations and functional services across the Group. With over 325 years of history and expertise in banking, Barclays operates in over 40 countries and employs approximately 83,500 people.
In May 2005, Barclays Bank of the United Kingdom purchased 56.4% stake in Absa. The British bank, which has had a presence in Africa for more than 100 years, has been reducing its stake in Johannesburg-based Absa in recent years. It sold off much of its controlling stake in the group in 2017. By the end of December 2017, London-based Barclays PLC had reduced its shareholding in Absa Group Limited, previously called Barclays Africa Group, to 14.9%.
With the sale of the remaining shares, Absa Group is still committed to building on its proud African heritage and the strengths that it already has on the continent. The company is intent on unlocking more possibilities through improving its offerings as it increasingly brings its clients globally led solutions through its globally scalable platforms.
