Friday, February 23, 2024
HomeBusinessBarclays leaves the continent of Africa with a whopping $611.84 million.

Barclays leaves the continent of Africa with a whopping $611.84 million.

The British multinational universal banking giant, Barclays sells its remaining 7.4% stake in South African bank Absa (ABGJ. J), enforcing its exit from the continent after over 90 years of operation in Africa.

The bank with over 325 years of history and expertise in banking, made a whopping 526 million pounds ($611.84 million) from these sales.

How did they do it?

The British lender made it known that it will sell the 63 million Absa shares to institutional investors in a process known as accelerated book building, with the pricing yet to be set.

Also, back in 2016, the banking giant announced it would sell Absa as part of a strategy revamp to focus more on the united states and British when Chief Executive Jes Staley was in charge.

Exchange rate

$10.8597 pound
$117.385 rands
Exchange Rate

Barclays operates in over 40 countries.

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