Barclays to surrender control of Africa unit with £1.6bn sale
Barclays gets regulatory approval to offload a big chunk of the division which operates in Ghana, Kenya and other African markets. Barclays has been given regulatory approval for the sale of its remaining stake in its Barclays Africa Group, according to a unit of the business. South Africa's finance minister has approved the deal, ABSA Bank said, and this will allow Barclays to begin selling its remaining 50% stake in Barclays Africa Group (BAGL). The move will form part of its chief executive's efforts to refocus the British lender on higher-growth areas. ABSA Bank, based in Johannesburg, is the main business inside Barclays Africa Group. Barclays Bank Egypt and Barclays Bank of Zimbabwe, which sit outside Barclays Africa Group, will also be sold. Barclays shares had risen as much as 2.5% in London on Wednesday, after Sky News reported Barclays was drawing up plans to reduce its shareholding in Barclays Africa Group Limited (BAGL) from 50.1% to approximate