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Barclays sells Zimbabwe bank for $60 million

Staff Writer |
Barclays has sold its majority stake in its Zimbabwean division for $60 million to Malawi's First Merchant Bank, the Zimbabwe Independent reported.

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The sale, the newspaper said, puts an end to months of a fierce bidding war to take over one of Zimbabwe's iconic financial institutions.

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.

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