Deal to sell Barclays Bank Zim to FMB Malawi sealed, name won't change for first 12 months
Barclays Bank Zimbabwe has announced that Malawi’s FMB Capital Holdings (FMBCH) has successfully acquired the majority stake in Barclays Bank Zimbabwe. This comes after shares worth $8.5 million changed hands on the Zimbabwe Stock Exchange on Thursday. The transaction was completed after fulfilling all statutory and regulatory requirements.
This means that shareholding in Barclays Bank Zimbabwe now stands as follows.
- 42 percent – FMBCH
- 10 percent – Barclays PLC
- 15 percent – Employee Share Ownership Trust
- 33 percent – Listed in ZSE
In the statement, Barclays Bank Zimbabwe said:
Despite the change of ownership both FMBCH and Barclays have stressed that it’s ‘business as usual’ with no immediate changes anticipated to its service offering and network. For the first 12 months after conclusion of the deal, the bank will continue to operate under the Barclays brand with the FMBCH brand being introduced over a subsequent two year period.
BBZ board chairman, Antony Mandiwanza said:
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The completion of this transaction marks an important juncture in the history of Barclays Bank Zimbabwe. It is testament to the successful franchise that the institution has become, particularly since dollarisation and in the current challenging macroeconomic environment, as evidenced by our 2017 half-year results.
More: Financial Gazette
