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)