Malawi's First Merchant buys Zimbabwe bank from Barclays

Barclays has announced the sale of its Zimbabwe bank to Malawi-listed First Merchant Bank, as the British lender continues to exit Africa.

According to Reuters, while no price has been made available, Barclays has said the deal will remove £292 million in risk-weighted assets from its balance sheet. Barclays added that all 700 Barclays Bank of Zimbabwe employees will transfer to the new owner

The deal is expected to complete in the third quarter of this year.