Barclays is set to divest 7% shareholding in Johannesburg-based Barclays Africa Group to Public Investment Corporation SOC Limited (PIC), as part of its plan to simplify structure and boost profitability.

The latest announcement by Barclays is likely to be last in a series of such sales as it ends more than 90 years as a major presence on the continent, reported Reuters.

The London-based banking giant said that after the sale of its stake in Barclays Africa, it would hold 14.9% stake and no further sales are planned at this time.

However the transaction, which is  broadly a continuation of the previous agreement between Barclays and the PIC, is subject to regulatory approval.

In March 2016, the British bank first announced that it would offload most of its 62% stake in Barclays Africa over the next two to three years.

In May 2016, Barclays has raised ZAR13.05bn ($874m) by offloading its 12.2% stake in its African subsidiary Barclays Africa to institutional investors.

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