South Africa's PIC in talks with Barclays on African business stake

Dan Matjila, CEO, Public Investment Corporation (PIC)

South Africa‘s state pension fund is talking to Barclays Plc about buying some of the stake which the British bank is selling in its African business, a source with direct knowledge of the matter said.

Barclays Plc is selling down its 62 percent stake, which is worth some $5 billion, in Barclays Africa Group (BAG) under a plan by new Chief Executive Jes Staley to simplify the bank’s structure and generate higher shareholder returns.

The Public Investment Corporation (PIC), Africa’s largest fund manager with more than $122 billion of South African government employee pension assets under its custody, is the second-biggest shareholder in BAG with a holding of about 6 percent.

Read more: South Africa’s PIC in talks with Barclays on African business stake -source | Reuters

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