The Capital Markets Authority (CMA) has approved Barclays Bank of Kenya’s proposal to transfer 3,720,816,000 of its shares held by the parent bank to African operations, following a restructuring of business in the continent.
The proposed share transfer represents 68.5% shareholding by Barclays Bank Plc in Kenyan unit.
By granting permission, CMA said that the private transfer of the securities was issued in accordance with all market regulations.
The regulatory body underlined that that there will be no alteration in beneficial ownership after the proposed transfer, which also requires clearance from the Central Bank of Kenya.
Following completion of private transfer of the securities, Barclays Africa’s direct shareholding will be 68.5% of the issued share capital of Barclays Kenya.
The share transfer is part of London based lender’s ‘One Bank in Africa’ strategy, under which it aims to integrate majority of Barclays African operations with those of its subsidiary Absa Group.