Barclays bank to quit Zimbabwe

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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.

Standard Chartered PLC is the other UK bank operating in Zimbabwe.
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