Barclays seals its push to become Africa's largest bank

Barclays has finalised its plan to become the largest bank in Africa, selling its operations there to its South African offshoot Absa for £1.3bn.

The all-share deal will see Barclays' stake in Absa raised from 55.5 per cent to 62.3 per cent, and is the final stage in a long-term plan driven by the former chief executive Bob Diamond.

Johannesburg-listed Absa will be renamed Barclays Africa, but it will continue to use the Absa brand in South Africa. The bank will have 14.4 million customers.