British bank to pay $988m to split with Barclays Africa

Barclays Africa said in Johannesburg that the sum was to fund investments required to separate it from its African unit.

A Barclays bank office is seen at Canary Wharf in London, Britain May 19, 2015.  REUTERS/Suzanne Plunkett/File Photo

Sealing the separation agreement terms paves the way for the British bank to reduce its stake to below 50 per cent under a strategy which will see it focus on the United States and Britain.

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