A consortium of investors led by private equity firm Abraaj Group is planning to bid for a minority stake (35%) in Barcalys’ African unit, Bloomberg reported on May 13, 2016, citing sources close to the case. Abraaj Group has already hired financial advisers to this end and is currently in discussions to team up with other investors, including a Middle Eastern sovereign fund, revealed the same sources, who asked not to be named.

Barclays Africa’s minority stake eyed by Abraaj Group is worth around $2.6 billion based on market price.

Sources cited by Bloomberg have added that Barclays’ former CEO, Bob Diamond, is not part of the Abraaj-led consortium.

At the beginning of May, Barclays sold one-fifth of its capital in its African unit under a private placement operation. Following the sale, the British bank, in Africa for almost a century now, committed not to sell any more shares, under a 90-days-lock-up period.

Barclays Africa is South Africa’s third largest bank. It has subsidiaries in 12 African nations and a portfolio of 12 million customers.

It should be recalled that a week ago, the Central Bank of South Africa said it was not comfortable to see Barclays Africa be taken over by a private equity firm. “We would not be comfortable with private equity play for any of the banks as it often implies leverage effects and exit strategies, when banks need long-term shareholders, with enough financial room,”said Kuben Naidoo, Deputy Governor of South Africa Reserve Bank.

Many African and International investors such as the Kenyan Equity Bank, Attijariwafa Bank from Morocco, Swiss Falcon Private Bank, Tanzanian tycoon Mohammed Dewji and South African billionaire Patrice Motsepe, have manifested their interest in acquiring stakes in Barclays Africa.