Barclays halves stake in South African lender Absa Group

21st Apr 2022 08:16

(Sharecast News) - Barclays has halved its stake in South African lender Absa Group after selling 63m shares in a placing.

Barclays sold the 7.4% stake at 164 rand per share, raising £526m.

The placing is expected to result in a loss of £43m through the income statement, partly offsetting a gain of £121m recorded through other comprehensive income. The resultant impact will be a proforma increase to Barclays' CET1 ratio of around 10 basis points.

Barclays said net proceeds from the placing will be used "for general corporate purposes".