Barclays in talks to sell Zimbabwe Bank

PHOTO:COURTESY

Barclays is in exclusive talks to sell its stake in its Zimbabwe unit to Malawi-based First Merchant Bank, the lenders said on Tuesday.

First Merchant Bank said in a statement on its website it was in exclusive talks to buy out the 68 per cent of Barclays Bank of Zimbabwe owned by the British company.

A spokeswoman for Barclays confirmed the bank was in early discussions with a prospective buyer.