SA pension fund said to seek approval to up stake in Barclays Africa

(ShareCast News) - Public Investment Corporation - Africa's largest pension fund - has reportedly sought approval from the country's central bank to up its stake in Barclays Africa.Reuters cited two sources with knowledge of the matter as saying that Barclays wants to cut its holding to less than 20%, which would make Barclays Africa an equity investment rather than a subsidiary.It is understood the plan is part of Barclays' broader sale of its African assets as it looks to focus more on the US and Britain.PIC currently has a stake of about 7% in Barclays Africa, making it the second-biggest shareholder, but could buy an additional 31% stake, according to Reuters' sources, who did not provide any exact details on the size or timing of a purchase."PIC has always looked at Barclays Plc's retreat as an opportunity to create a black-owned bank, but there aren't many people with deep pockets to make that happen," one of the sources told Reuters."But PIC on its own can buy to a level where Barclays will be able to deconsolidate it and has approached the Reserve Bank for ways to go about it."Barclays' new chief executive Jes Staley announced back in March a set of strategic initiatives that included plans to divest part of the group's 62% shareholding in Barclays Africa over the next two to three years to allow it to de-consolidate the subsidiary from an accounting perspective and, eventually, a regulatory perspective.At 1250 GMT, shares in the bank were up 0.9% to 183.05p.