Barclays Cuts Stake in BAGL by 7%
By Carlo Martuscelli
Barclays PLC (BARC.LN) said on Friday that it was reducing its stake in Barclays Africa Group Ltd. (BGA.JO) to 14.9% from 21.9%, in line with previously announced expectations.
The bank said the transfer is expected to occur on Dec. 5, and the reduction would increase its pro-forma common equity tier 1 ratio--a measure of bank solvency--by 12 basis points.
The reduction follows Barclays plan to slowly reduce its ownership in the African bank from the 62.3% shareholding it had in March 2016.
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(END) Dow Jones Newswires
December 01, 2017 02:35 ET (07:35 GMT)Copyright (c) 2017 Dow Jones & Company, Inc.