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British bank to pay $988m to split with Barclays Africa
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A Barclays bank office is seen at Canary Wharf in London, Britain May 19, 2015. REUTERS/Suzanne Plunkett/File Photo
Barclays Africa said in Johannesburg that the sum was to fund investments required to separate it from its African unit.
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British bank, Barclays Plc, has agreed to pay Barclays Africa 12.8 billion rand ($988 million) to split with its African unit, Barclays Africa said on Thursday.
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Sealing the separation agreement terms paves the way for the British bank to reduce its stake to below 50 per cent under a strategy which will see it focus on the United States and Britain.
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