Barclays has raised ZAR13.05bn ($874m) by offloading its 12.2% stake in its African subsidiary Barclays Africa to institutional investors.

The lender sold over 103.6 million shares at a price of ZAR126 per share. The share sale, part of Barclays’ strategy to simplify structure and boost profitability, will dilute Barclay’s stake in the African unit to 50.1%.

The British lender in a statement said that the move will boost its CET1 ratio by about 10 basis points.

The lender previously had a stake of about 62% in the African business. Earlier this year, it unveiled plans to reduce the shareholding over the next two to three years to deconsolidate the business.

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By GlobalData