On June 1, 2017, Barclays sold a 33.7% stake in its African business, Barclays Africa Group Limited (BAGL). The deal reduced the UK lender’s stake in its African offshoot to 14.9% and permitted, in accounting terms, the deconsolidation of BAGL from its parent. More symbolically, it brought to an end Barclays’ operations on the continent after more than 100 years.
In scaling down its African operations, Barclays is not alone among international banks. Citi and BNP Paribas have both sold their Egyptian consumer banking units in recent years, while Royal Bank of Scotland completed the sale of its Europe, Middle East and Africa private banking business in 2015, among other examples.