Barclays revealed on Thursday (1 June) it will sell shares worth £2.2bn ($2.83bn) in its Africa Group, thereby increasing the size of the planned stake divestment owing to what the bank described as improved "investor appetite."

In March 2016, Barclays said it would sell most of its 62.3% stake in Barclays Africa Group following a strategic review.

The objective was to eventually reduce its stake down to around 15%, a level the bank claims it is on the verge of reaching.

Giving details about the sale, Barclays said it would offer 286m shares in Barclays Africa or 33.7%, with South Africa's pension fund – the Public Investment Corporation – acting as the primary figurehead investor.

The shares will be priced at 132 rand per share, raising an aggregate £2.2bn, the bank said, leaving it with a residual 15% stake, once it places 12.7m shares in a black economic empowerment scheme.