South African Billionaire To Buy Barclays Stake

Patrice Motsepe billionaire and mining tycoon is allegedly planning to purchase stakes in Barclays in a bid to become a major player in the banking sector. Motsepe is reportedly set to close a deal to buy a significant stake in Barclays Africa as part of his plans to build a respected black-owned financial services company.

It is said that Motsepe revealed that he has assigned a team of high-profile analysts who will work hand in hand with Johan van Zyl the co-chief executive of African Rainbow Capital, so as to advise Patrice on the viability of buying a stake in Barclays.

Barclays announced it would sell stakes in its African business in March 2016. Two months later, the South African state pension fund, Public Investment Corporation (PIC), raised its stake in Barclays Africa to 6,8% after taking up 10,3 million shares as anchor investor in the company, becoming the second-largest shareholder as a result.

The businessman is looking to buy a stake significant enough to make him a vital player in the financial services sector. He is planning   to invest in a range of sectors, from health management to property, both in SA and on the rest of the continent.