Barclays PLC (LON:BARC) today announced that following the transfer on 30 November 2017, subject to settlement, of a 7.0% stake in Barclays Africa Group Limited (BAGL), Barclays’ total shareholding in BAGL for regulatory reporting purposes will reduce from 21.9% to 14.9%, in line with previously announced expectations. Settlement of the transfer is expected to occur on 5 December 2017. From an accounting perspective, Barclays’ results already reflected the 14.9% ownership level.
For regulatory reporting purposes, the company currently applies proportional consolidation with respect to its stake in BAGL. The reduction in Barclays’ holding announced today will reduce the percentage applied to 14.9%, and would increase its pro-forma CET1 ratio as at 30 September by 12bps.
The company has indicated that this represents its desired long term shareholding in Barclays Africa and that no further sales are planned at this time.
Barclays Plc is a transatlantic consumer and wholesale bank offering products and services across personal, corporate and investment banking, credit cards and wealth management, with a strong presence in our two home markets of the UK and the US.
