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Barclays suffers $1.6 bn loss from Africa sale

The British bank said it made a 1.4 bn pound loss on sale of 33% of Barclays Africa Group

Reuters  |  London 

Barclays Bank. (Photo: Reuters) Barclays reported a 1.2 billion pound ($1.57 billion) attributable first half loss on Friday after taking a 2.5 billion pound hit from the sale of its Africa business and calling an end to its restructuring. The British bank said it had made a 1.4 billion pound loss on the sale of 33 per cent of Barclays Africa Group, and took a further 1.1 billion pound impairment charge on the sale. Barclays in June cut its stake in Barclays Africa Group to 15 per cent, ending more than 90 years as a major presence in the continent as it shifts its ...

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First Published: Fri, July 28 2017. 13:48 IST