Malawi's FMB buys majority stake in Barclays Bank Zimbabwe
After months of fierce bidding, FMB Malawi has purchased the majority stake in Barclays Bank Zimbabwe, which was formerly owned by Barclays Plc. This means that FMB now owns 68 percent of Barclays Bank Zimbabwe.
According to a report by the Zimbabwean Independent, the directors of FMB Malawi sealed the deal in London yesterday. The deal will officially be announced to Barclays Bank Zimbabwe managers and workers at around 5pm today.
A source who spoke to the Independent said:
It’s a done deal.
It was signed in London yesterday (Tuesday). Barclays Plc and FMB managers have just arrived in Harare for meetings to finalise the transaction pending regulatory approvals.
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