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Barclays sells Zimbabwe bank to Malawi’s First Merchant

PUBLISHED: Fri, 02 Jun 2017 11:18:56 GMT

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Lawrence White | LONDON

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.

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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.

($1 = 0.7772 pounds)

(Reporting by Lawrence White; editing by Jason Neely)