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Barclays in talks to sell Zimbabwe bank to Malawi's First Merchant Bank

Published 28/03/2017, 10:55
Updated 28/03/2017, 11:00
© Reuters. A Barclays sign is seen outside a branch of the bank in London

LONDON (Reuters) - Barclays (L:BARC) is in exclusive talks to sell its stake in Barclays Bank of Zimbabwe (ZI:BARC) to Malawi's First Merchant Bank (MV:FMB), First Merchant Bank said in a statement on its website on Tuesday.

A spokeswoman for Barclays confirmed the bank is in early discussions with a prospective buyer for its 68 percent 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.

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