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Barclays raises $623 million in gross proceeds from Absa exit

·1-min read
FILE PHOTO: FILE PHOTO: The Barclays logo is seen in front of displayed stock graph in this illustration

LONDON (Reuters) - Barclays has raised 538 million pounds ($623 million) in gross proceeds from the sale of its remaining 7.4% stake in South African lender Absa, completing the British bank's exit from the continent after more than 90 years.

Barclays fetched 169 South African rand ($9.83) per share in an accelerated bookbuild announced on Wednesday.

The placing is expected to result in a proforma increase of about 4 basis points to Barclays' group CET1 ratio, a key measure of financial strength, as at June 30.

The British bank announced it would sell Absa in 2016, as part of a strategy revamp to focus more on the United States and Britain under then-Chief Executive Jes Staley.

($1 = 0.8635 pounds)

($1 = 17.1950 rand)

(Reporting By Sinead Cruise, editing by Dhara Ranasinghe)