Malawi-based First Merchant Bank Ltd. signed a deal with Barclays Plc to acquire a majority stake in Barclays Bank of Zimbabwe Ltd. unit for $60 million, "informed sources" told the Zimbabwe Independent.
The deal, signed in London on May 30, is subject to regulatory approvals, according to a source. First Merchant Bank disclosed in March that it was in exclusive negotiations to acquire the Zimbabwean unit, in which Barclays holds a 67.68% stake through Barclays Bank Plc.
Barclays Bank of Zimbabwe has more than 1,000 employees and a network of 38 branches in main urban areas, the report noted.
Separately, Barclays said June 1 that it will sell off about 33.7% of Barclays Africa Group Ltd., upsizing a placing it had announced the previous day. Barclays Bank of Zimbabwe is not part of Barclays Africa.