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VENTURES AFRICA – Barclays Africa Group, which listed on the JSE last year, had disposed of its major shareholding in Absa Capital Private Equity Fund for an undisclosed amount, it emerged on Wednesday.
Barclays Africa Group sold its 73.3 percent stake to international investment titans, HarbourVest and Coller Capital, a report on Moneyweb indicated.
Barclays Africa was formed after Absa, South Africa’s biggest retail bank, bought the African assets of parent company, Barclays, in a multi-billion rand deal last year.
Barclays thought this deal would bring a lot of opportunities for its African growth.
The amalgamation of the two businesses has helped Barclays leverage on the potential of these units.
This deal produced a high-quality franchise in Africa with a set-up of over 1,300 branches and 10,400 ATMs in 10 African countries.