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

23 February 2017 at 12:28
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
A Barclays bank office is seen at Canary Wharf in London, Britain May 19, 2015. REUTERS/Suzanne Plunkett/File Photo

British bank, Barclays Plc, has agreed to pay Barclays Africa 12.8 billion rand ($988 million) to split with its African unit, Barclays Africa said on Thursday.

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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