LONDON, May 4 (Reuters) - Barclays said onWednesday it is selling shares representing 12 percent ofBarclays Africa Group, as the British bank followsthrough on plans announced in March to sell down its stake inits African business.
Barclays said in a statement it would sell 103.6 millionshares in BAG, with up to 10.3 million shares going to SouthAfrican state pension fund Public Investment Corporation (PIC).
"This is an important first step as we seek to reduce ourshareholding in Barclays Africa to a level that achievesaccounting and regulatory deconsolidation," Jes Staley,Barclays' Chief Executive, said.
Earlier, Reuters reported that PIC was in talks withBarclays about increasing its own stake in BAG by buying some ofthe British bank's 62 percent holding in the business. (Reporting by Lawrence White; Editing by Alexander Smith)