Barclays has announced plans to offload a 12.2% stake in Barclays Africa to institutional investors.
The British banking major would sell 103.6 million shares, of which 10.3 million shares – that represents up to 1.2% of Barclays Africa – would be bought by South African state pension fund Public Investment Corporation (PIC).
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Barclays, which has a shareholding of nearly 62% in Barclays Africa, earlier this year unveiled plans to reduce the shareholding over the next two to three years to deconsolidate the business.
Barclays CEO Jes Staley said: "This is an important first step as we seek to reduce our shareholding in Barclays Africa to a level that achieves accounting and regulatory deconsolidation. As we said at our Q1 results, we continue to explore opportunities to reduce our shareholding, including capital market and strategic options.
"Barclays Africa is an important partner, and we are working closely with local management, including planning for the operational separation of the two businesses in a way that will preserve value for shareholders in both the Barclays and Barclays Africa groups."
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