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Barclays to sell Zimbabwe unit

Barclays is proposing to sell its stake in its Zimbabwe unit to Malawi-based First Merchant Bank. The two entities are examining the modalities of a possible deal, they said. First Merchant Bank said it was in exclusive talks to buy out the 68% of Barclays Bank of Zimbabwe. Barclays too confirmed the talks. Barclays Bank of Zimbabwe has a market capitalization of $60 million. Barclays had said earlier it was looking to sell the stake as part of a broader exit from Africa. Barclays Bank of Zimbabwe is one of two banks together with Barclays Bank Egypt that do not form part of the lender’s South Africa-based Barclays Africa Group, which is also up for sale. The remaining 32 percent of Barclays Bank of Zimbabwe’s shares are traded on the Zimbabwe stock exchange.

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