Barclays out of Africa

BARCLAYS is set to leave Zimbabwe after 105 years by selling its operation there to Malawian firm First Merchant Bank.

the deal will be announced this morning – although staff are trying to block it in the country’s high court.

it came after Barclays sold a bigger- than- expected £2.2bn stake in its main Africa banking arm.

the banking giant sold a 34pc slice of Barclays Africa – greater than the 22pc that was anticipated – after gaining regulatory approval for the disposal from the South African government, offloading 286m shares to cut its 50pc stake to 16pc.

it means Barclays has achieved its goal of ‘deconsolidating’ the Africa business from its accounts. Shares in the bank rose 0.5pc yesterday.