Barclays Bank PLC has announced the sale of the first tranche of its shares in Barclays Africa Group Limited (BAGL). “Further to the Bank of Botswana’s Press Release of March 2, 2016, Barclays Africa Group Limited (BAGL) and Barclays Bank PLC (Barclays PLC) have announced that the first tranche of the Barclays PLC shares in BAGL have been sold to a mixture of existing and new investors,” a statement from Bank of Botswana indicated.
It revealed that a total of 103, 592, 491 ordinary shares (representing 12.2 percent of BAGL) were sold at a price of R13, 053 million and as a result of the transaction, Barclays PLC stake in BAGL has been reduced to 50.1 percent.
The statement further said Barclays PLC has reaffirmed its intention to sell its shareholding to a point where it would no longer need to consolidate BAGL for accounting or regulatory purposes. However, BAGL remains a subsidiary of Barclays PLC which retains a controlling stake in BAGL and there is no change in the ownership and control of Barclays Bank of Botswana Limited by BAGL.
“The bank is compliant with all statutory prudential requirements. Indeed, the bank is well capitalized, liquid, profitable and has sound operations. In line with the Bank of Botswana Act (CAP 55:01) and Banking Act (CAP 46:04), the Bank will monitor developments with a view to ensuring the safety and soundness of Barclays Bank’s operations in the country as it provides banking services,” concluded the statement.
Barclays PLC’s shareholding in Barclays Africa drops to 50.1%
