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In a deal that takes Absa a step closer to removing a major overhang on its shares, Barclays sold half of its remaining stake in the SA lender for R10.5bn as part of the British bank’s stated plan to end the 17-year tie-up.

Barclays has been selling its stake in Absa since 2017 in line with its strategy to focus on the US and Europe in the wake of the increased international regulatory framework on banks following the global financial crises of 2008-2009 that shook the banking system. In 2017, it sold much of the 55% controlling stake it acquired in 2005...

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