Barclays made a $623 million gross profit from the Absa exit

Barclays received 169 South African rand per share in an accelerated book announced on Wednesday.

The placement is expected to result in a proforma increase of about 4 basis points to the Barclays group’s CET1 ratio, a key measure of financial strength, as of June 30.

It should be noted that the British bank announced it would sell Absa in 2016 as part of a revamped strategy to focus more on the United States and Britain under then Chief Executive Jes Staley.