Home Business Barclays raises $623m in gross proceeds from Absa exit

Barclays raises $623m in gross proceeds from Absa exit

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Barclays raises $623m in gross proceeds from Absa exit


Barclays has raised 538 million pounds ($623 million) in gross proceeds from the sale of its remaining 7.4% stake in South African lender Absa, completing the British bank’s exit from the continent after more than 90 years.

Barclays fetched R169 per share in an accelerated bookbuild announced on Wednesday.

The placing is expected to result in a proforma increase of about 4 basis points to Barclays’ group CET1 ratio, a key measure of financial strength, as at June 30.

The British bank announced it would sell Absa in 2016, as part of a strategy revamp to focus more on the United States and Britain under then-Chief Executive Jes Staley.



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