Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious Outperformance
Find Stocks Now

Barclays sells Zimbabwe bank to Malawi's First Merchant

Published 02/06/2017, 09:06
Updated 02/06/2017, 09:10
© Reuters. FILE PHOTO: The Barclays headquarters building is seen in the Canary Wharf business district of London

LONDON (Reuters) - Barclays (L:BARC) announced the sale of its Zimbabwe bank to Malawi-listed First Merchant Bank (MV:FMB) 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 (J:BGAJ) to 15 percent on Thursday, ending more than 90 years as a major presence in Africa.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.