Barclays has set out plans for its sale of a share stake in an African bank, part of a wider restructuring of its operations.

Barclays, the UK-listed bank which is shrinking its private banking reach globally and spinning off other business units, intends to sell around 12.2 per cent of its share capital stake in its Africa banking business, it said yesterday.

As set out in early March, the bank is divesting part of its 62 per cent shareholding in Barclays Africa over the next two to three years to a level that “will permit Barclays to de-consolidate Barclays Africa from a regulatory perspective and, prior to that, from an accounting perspective”. 

The bank intends to sell 103.6 million ordinary shares in the capital of Barclays Africa.

The Public Investment Corporation SOC has confirmed that it wants to be an “anchor investor” in the share placing for up to 10.3 million shares, representing up to 1.2 per cent of Barclays Africa's issued share capital. This is the maximum amount permitted without regulatory approvals.

All of the remaining ordinary shares in Barclays Africa held by Barclays or its subsidiaries (excluding Barclays Africa and its subsidiaries) not sold in the placing will be subject to a 90 day lock-up restriction from settlement. During this period, the lock-up restriction may be waived with the consent of the managers of the sale.

Earlier this week, the bank reported Q1 results, see Barclays, the UK-listed bank which is shrinking its private banking reach globally and spinning off other business units, yesterday said it intends to sell around 12.2 per cent of its share capital stake in its Africa banking business. As set out in early March, the bank is divesting part of its 62 per cent shareholding in Barclays Africa over the next two to three years to a level that “will permit Barclays to de-consolidate Barclays Africa from a regulatory perspective and, prior to that, from an accounting perspective”. The bank said it intends to sell 103.6 million ordinary shares in the capital of Barclays Africa. The Public Investment Corporation SOC has confirmed that it wants to be an “anchor investor” in the share placing for up to 10.3 million shares, representing up to 1.2 per cent of Barclays Africa's issued share capital. This is the maximum amount permitted without regulatory approvals. All of the remaining ordinary shares in Barclays Africa held by Barclays or its subsidiaries (excluding Barclays Africa and its subsidiaries) not sold in the placing will be subject to a 90 day lock-up restriction from settlement. During this period, the lock-up restriction may be waived with the consent of the managers of the sale.">here. The bank has sold, or cut, banking operations in a number of regions in recent months, such as the sale of its Hong Kong and Singapore private banks (see here).