The Malawian bank is now the majority shareholder of the Barclays Plc’s Zimbabwean unit. This move ends months of speculations after the British financial institution announced it was disposing off it’s African assets.
FMB Malawi’s pursuit of the controlling stake in Barclays Zimbabwe has had its ups and downs as the company’s management showed a lot of resistance in the sale of the bank which has been operating in Zimbabwe since 1912 and as one of the most stable financial institutions in the country as they have in many times made it through all the financial crisis that have hit the country’s financial sector all these years. The bank has over 1000 employees and a network of 38 branches, and also listed on the Zimbabwe Stock Exchange (BARC.ZI).
However, the deal sailed through on Wednesday and now waiting approval from the regulatory, officials said. A meeting is said to happen soon as it is reported that, the FMB officials are in Zimbabwe to meet with local staffs and the Reserve Bank of Zimbabwe.
FMB Group Managing Director Hitesh Anadkat told the financial gazette newspaper that, the bank would be rebranded into Barclays and FMB.