British bank Barclays has confirmed it will sell its stake in Barclays Africa.
The bank has a 62.3 per cent share in the African operation. Speculation has been rife that Barclays wants to get out of Africa.
"As part of the simplification of the group, we have decided, subject to required shareholder and regulatory approval, to reduce our interest in Barclays Africa to a non controlling, non consolidated position over the next 2-3 years," said Jes Staley, CEO of Barclays PLC.
The banking giant revealed annual after-tax losses of $549 million.
Consequently, Barclays has reduced its business to two divisions — Barclays UK and Barclays Corporate and International.