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Barclays completes sale of 42.7% stake in Zimbabwean unit to Malawi lender

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Barclays completes sale of 42.7% stake in Zimbabwean unit to Malawi lender

Barclays Bank of Zimbabwe Ltd. announced the completion of FMB Capital Holdings' acquisition of a 42.7% stake in the bank previously owned by Barclays Bank Plc.

Initially, Barclays owned 67.7% of the Zimbabwean unit through wholly owned subsidiary Afcarme Holdings Zimbabwe Ltd. The other 15% stake was transferred by Afcarme to an employee share ownership trust.

FMB Capital Holdings, which has a controlling interest in First Merchant Bank Ltd., bought a majority stake of 81% in Afcarme from Barclays. The British bank will retain 19% of Afcarme for up to three years, after which it will sell the stake to the Malawian lender.

After the sale in three years, Barclays' remaining indirect 10% stake in Barclays Bank of Zimbabwe owned through Afcarme will go to FMB Capital Holdings, making it majority shareholder with a 52.7% stake.