LONDON -- Barclays PLC said it agreed to sell a subsidiary, Allied Trust Bank Ltd., to Investec Bank Ltd. of South Africa for $49.8 million.

The sale needs the approval of Investec shareholders. A Barclays spokesman said Allied Trust did not fit with the corporation's long-term strategy.

Allied Trust is a deposit-taking institution based in Britain with assets of $398 million as of June 30. It specializes in high-interest deposit accounts and personal and small-business loans.

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