Barclays in talks to sell Zimbabwe unit to Malawi’s First Merchant
As part of the group’s withdrawal from Africa, Barclays is looking to sell 56% of the Zimbabwe bank to First Merchant Bank in Malawi
London — Barclays is in exclusive talks to sell its stake in its Zimbabwe unit to Malawi-based First Merchant Bank, the lenders said on Tuesday, as the British bank continues its exit from Africa. First Merchant Bank said in a statement on its website that it was in talks to buy out the 68% of Barclays Bank of Zimbabwe owned by the British company. A spokeswoman for Barclays confirmed the bank was in early discussions with a prospective buyer for its stake in the Zimbabwe bank. Neither party disclosed a value for the prospective deal. Barclays Bank of Zimbabwe has a market capitalisation of $60m, according to Thomson Reuters data. Barclays previously said it was looking to sell the stake as part of a broader exit from Africa announced a year ago when CEO Jes Staley said the lender would, instead, focus on a transatlantic strategy in the US and Britain. Barclays Bank of Zimbabwe is one of two banks, the other being Barclays Bank Egypt, that do not form part of JSE-listed Barclays Afr...
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