UK-BASED Barclays Bank is looking to sell its Zimbabwe operation, likely ending its one hundred-year presence on the local market.
According to Reuters, the British bank is in talks to sell its Zimbabwe operation to Malawi-based East Africa Merchant Bank.
The deal is part of Barclays broader draw-back from Africa to focus on the UK and the United States.
The value of the deal was not disclosed but Barclays Bank Zimbabwe has a market capitalisation of about US$60m.
The British bank controls 68 percent of the Zimbabwe unit with the balance traded on the Zimbabwe Stock Exchange.
Barclays Bank Zimbabwe was established in 1912.