The Public Investment Corporation (PIC), South-Africa’s pension fund manager, is forming a consortium of black investors to buy a stake in Barclay’s African unit, Bloomberg reported on May 23.

“There are discussions with institutional investors managing black money, such as pension funds,” Dan Matjila, head of Africa’s biggest fund manager, the PIC, said.

“We don’t have the check book to take it all, but we are looking at foreign partners too,” he highlighted.

Matjila also indicated that there had been talks with Barclays’ former boss Bob Diamond. “It would be good to have offshore money supporting the transaction because of its size,” he said. “We want a structure with permanent capital. A holding company structures better. The cost structure works better and the holding company can then hold related businesses like insurance or asset management,” he added.

The PIC’s CEO also mentioned talks with investment firm African Rainbow Capital, which is owned by black South African billionaire Patrice Motsepe, highlighting that “nothing is firmed up”.

At the beginning of May, Barclays, in a book build, has sold a fifth of its stake in its African business bringing it down to 50.1%. The British firm however is restricted from setting up another book build because of a 90-day lock-up period.

Many African as well as International banks including, Equity Bank of Kenya, Moroccan Attijariwafa Bank and Swiss Falcon Private Bank have already manifested their interest for Barclays’ African assets. Moreover, the private equity firm Abraaj also plans to form a consortium of investors to bid for around 35% of the bank which has 12 branches across Africa and about 12 million clients.

Let’s recall that about a week ago, South Africa’s Central Bank said it did not see well Barclays Africa 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,” Kuben Naidoo, Deputy Governor of South Africa Reserve Bank, said about three weeks ago.