Barclays Bank has agreed to sell its majority stake in Barclays Bank of Zimbabwe (BBZ) to Malawi-listed FMB Capital Holdings (FMBCH) for an undisclosed sum.
The transaction will be executed by Barclays through sale of shares in Afcarme Zimbabwe Holdings, a holding company of BBZ.
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The deal marks FMB’s first operation in Zimbabwe. A total of 700 staff, 25 retail branches and five corporate service centres will be integrated into FMB as part of the deal.
Barclays expects the deal to reduce its risk weighted assets by £292m. The deal is expected to close by the third quarter of 2017, subject to regulatory nod.
Barclays head of non-core Harry Harrison said: “We remain focused on closing Barclays Non-Core on 30 June, as part of the Group strategy to create a stronger, simpler Barclays. Barclays Bank Zimbabwe has an excellent reputation and I am confident FMB will continue to build on it.
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