Barclays UK has agreed to pay Barclays Africa nearly 1 billion dollars to split from its African business. This will pave the way for the British bank to cut its stake to below 50 percent in its African operation. Barclays Africa says the money would be used to invest in technology, rebranding and other separation related projects. The agreement requires approval from the South African central bank and finance minister, Pravin Gordhan. The split allows for Africa's third largest bank to manage its own business on the continent. Barclays Africa, along with other banks, has struggled to increase lending as slowing economic growth in many African markets tempers demand from corporate clients. There have also been rising interest rates at home that have hit consumption by retail customers.