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Barclays in talks to sell Zimbabwe bank to Malawi's First Merchant Bank
March 28, 2017 / 9:54 AM / 7 months ago

Barclays in talks to sell Zimbabwe bank to Malawi's First Merchant Bank

LONDON (Reuters) - Barclays (BARC.L) is in exclusive talks to sell its stake in Barclays Bank of Zimbabwe (BARC.ZI) to Malawi’s First Merchant Bank FMB.MV, First Merchant Bank said in a statement on its website on Tuesday.

A Barclays sign is seen outside a branch of the bank in London, Britain, February 23, 2017. REUTERS/Stefan Wermuth

A spokeswoman for Barclays confirmed the bank is in early discussions with a prospective buyer for its 68 percent stake in the Zimbabwe bank.

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

Reporting By Lawrence White

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