Barclays Cuts Stake in BAGL by 7%

By Carlo Martuscelli Features Dow Jones Newswires

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.

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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.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

December 01, 2017 02:35 ET (07:35 GMT)