JOHANNESBURG (Reuters) – Barclays PLC has agreed to pay Barclays Africa 12.8 billion rand ($988 million) to fund investments required to separate it from its African unit, Barclays Africa said on Thursday.

Sealing the separation agreement terms paves the way for the British bank to reduce its stake to below 50 percent under a strategy which will see it focus on the United States and Britain.

($1 = 12.9545 rand)

(Reporting by Tiisetso Motsoeneng; editing by Jason Neely)