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.
OneStream is the only enterprise finance platform that seamlessly unifies all financial and operational data, embeds AI to boost productivity, and adapts to fit your unique needs. Microsoft Partner of the Year and five-time leader in the Gartner Magic Quadrant, we know that finance teams need AI powered by verified data and trusted sources, ensuring full transparency and security.
Morné van Tonder is not only a highly skilled CFO, but someone who has navigated profound personal highs and lows. The depth of empathy, resilience and practical good sense in his leadership goes beyond the numbers to define international success for Pragma.
Praneel Nundkumar, group CFO for Mr Price, is a results-oriented finance leader who champions a ‘commercial CFO’ approach. He believes that finance leaders must transcend traditional roles and actively partner with CEOs to drive strategic business outcomes.
Join 30,000 CFOs and finance professionals
Sign up for free! Boost your knowledge, network and career.
