Login Subscribe
 

Login

  Username
  Password
    Remember Me
   
 

Not a subscriber/registered visitor?

The Asian Banker website offers registered readers and subscribers a wide range of valuable research and analysis on the financial services industry.

All visitors must register to gain access. Access to selected news, research and our regular e-newsletters is free for up to 5 days from the time they are posted. Detailed research content and archieves are accessible only to paying subscribers.

If you wish to review our data subscription packages for full access to all data and research, please find the subscription options here.
   

Press Release
Published June 02, 2017
View complete press releases list

Barclays sells Zimbabwe bank to Malawi's First Merchant

Date: June 02, 2017
Categories: Markets Exchanges, Mergers and Acquisitions, retail, Transaction Banking
Keywords: Barclays, First Merchant


Barclays announced the sale of its Zimbabwe bank to Malawi-listed First Merchant Bank 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 to 15 percent on Thursday, ending more than 90 years as a major presence in Africa.

Re-disseminated by The Asian Banker from Reuters

 

Add a new comment:




Allowed tags: <b><i><br>



Comments (0)