Barclays sells Zimbabwe bank to Malawi’s First Merchant | Reuters

LONDON, June 2 Barclays announced the
sale of its Zimbabwe bank to Malawi-listed First Merchant Bank
on Friday as the British lender continues its exit from
Africa.

In March it announced it was in talks on the sale of its
stake in Barclays Bank of Zimbabwe as part of a broader exit
from Africa to refocus on the United States and Britain.

Barclays did not announce a price but said the deal would
remove 292 million pounds ($375.69 million) in risk-weighted
assets from its balance sheet.

All 700 Barclays Bank of Zimbabwe employees will transfer to
the new owner, Barclays said. The deal is expected to complete
in the third quarter of this year.

Barclays cut its stake in Barclays Africa Group to
15 percent on Thursday, ending more than 90 years as a major
presence in Africa.

($1 = 0.7772 pounds)
(Reporting by Lawrence White; editing by Jason Neely)

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