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Barclays said is in talks to sell its stake in its Zimbabwe unit to Malawi-based First Merchant Bank, as the British bank continues its exit from Africa.

 

In a Cautionary Statement, First Merchant Bank said it was in exclusive talks to buy out the 68 percent of Barclays Bank of Zimbabwe owned by the British company. The remaining 32% of Barclays Bank of Zimbabwe's shares are traded on the Zimbabwe stock exchange.

Neither party disclosed a value for the prospective deal. Barclays Bank of Zimbabwe has a market capitalisation of $60 million, according to African Markets data.

 

This is part of Barclays plan 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.

 

 

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