Barclays Plc is reported to have rejected an offer from its management to buy its stake in Barclays Bank Zimbabwe preferring to sell it to Malawi’s First Merchant Bank. The management had secured funding from the National Social Security Agency (NSSA), but the parent company is reported to have viewed a management buyout as a risky endeavour which rarely succeeds in the banking sector.
National Social Security Authority Chairman Robin Vela commented:
Barclays Plc made their decision and it’s within their rights to sell to whomever they like.
George (Guvamatanga, Barclays Bank of Zimbabwe Managing Director ) would’ve been a phenomenal manager going forward.
The transaction is yet to be approved by the regulators.