Barclays has sold its remaining 7.4 percent stake in Absa for £538 million (R10.7 billion), completing the British bank’s exit from the continent after more than 90 years.
The British bank announced it would sell Absa in 2016, as part of a strategy revamp to focus more on the US and Britain.
In April, Absa, one of Africa’s largest financial services providers had sold another 7.4 percent for £526m (about R10.48bn currently).
According to Absa’s 2021 annual report, the separation however still resulted in a R766m cut to Absa’s earnings.
