PIC reportedly attempting to increase its stake in Barclays Africa
Africa’s biggest pension fund, the Public Investment Corporation, has sought approval from the Reserve Bank to raise its stake in Barclays Africa, according to two sources with direct knowledge of the matter. Barclays Africa’s parent, Barclays plc, wants to reduce its holding to below 20%, which would make it an equity investment rather than a subsidiary. The plan is part of a broader sale by the British bank of its African assets as it shifts to focus on the United States and Britain. The Public Investment Corporation (PIC), the second-biggest shareholder in Barclays Africa with a holding of about 7%, could buy at least an additional 31% stake, the sources indicated. They would not elaborate on the exact stake size, timing or logistics of the purchase. Under South African regulations, the PIC requires the Reserve Bank’s approval to raise its stake in Barclays Africa. "PIC has always looked at Barclays plc’s retreat as an opportunity to create a black-owned bank, but there aren’t ma...
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