Source: Barclays in talks to sell Zimbabwe bank to Malawi’s First Merchant Bank | Daily Mail Online
LONDON, March 28 (Reuters) – 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 it was in exclusive talks to buy out the 68 percent 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 $60 million, according to Thomson Reuters data.
Barclays previously said it was looking to sell the stake as part of a broader exit from Africa announced a year ago when Chief Executive Jes Staley said the lender would instead focus on a transatlantic strategy in the United States and Britain.
Barclays Bank of Zimbabwe is one of two banks together with Barclays Bank Egypt that do not form part of the lender’s South Africa-based Barclays Africa Group, which is also up for sale.
The remaining 32 percent of Barclays Bank of Zimbabwe’s shares are traded on the Zimbabwe stock exchange. (Reporting by Lawrence White; Editing by Mark Potter)
COMMENTS
A pathetic excuse for a nation. Even stalwart Barclay’s gives up on you.
Barclays votes against ZANU. Try and rig that!
Barclays will not be the last to leave dying economy. Zim is destroyed by Mdara & his thugs & is heading for one of the biggest humanitarian crisis the world has ever seen.
Where are the so called indeginisation proponents who have been screaming for a share of Barclays. Show us your money and buy the bank rather than have Malawians take it
Standard bank will be next to pull out
Malawi is a failed African State – why would they want to buy Zimbabwe Bond Notes deposits? When they get their hands on the bank, thinking that they will see millions of US$ in the accounts, they will be in for a big surprise. If I had a Barclays account, I would take as much money as possible everyday and have a zero balance after 3 days. Barclays – only worth US$60 million? Wow! The Guptas should buy Barclays one afternoon.