Barclays to sell 22% stake in S African unit

Johannesburg

BARCLAYS Plc said it will sell a further 22 per cent stake in its South African unit, a holding worth about US$2 billion at current prices, as part of the UK bank's plan to shrink its operations and bolster capital strength.

The London-based lender is offering about 187 million shares of Barclays Africa Group Ltd in an accelerated bookbuild after it received approval from South African authorities, it said in a statement on Wednesday.