Barclays sells Zimbabwe bank for $60 millionStaff Writer | June 1, 2017
Barclays has sold its majority stake in its Zimbabwean division for $60 million to Malawi's First Merchant Bank, the Zimbabwe Independent reported.
Banking First Merchant Bank
Barclays Bank of Zimbabwe, listed on the Zimbabwe Stock Exchange, has over 1,000 employees and a countrywide network of 38 branches in main urban areas. Barclays had a 67.68% stake in the division, the newspaper said.
The deal, the Zimbabwe independent said, will officially be announced to Barclays Bank Zimbabwe managers and workers at around 1700 local time - 1600 BST - at the bank's head offices in Harare. ■