FMB Capital completes Barclays acquisition

Malawi Stock Exchange (MSE)-listed and Mauritius-based FMB Capital Holdings (FMBCH) plc has announced the successful acquisition of a majority stake in Afcarme Zimbabwe Holdings (Pvt) Limited, the holding company for Barclays Bank of Zimbabwe Limited (BBZ) from Barclays Bank plc (BBPLC).

The transaction was concluded after fulfilment of all Zimbabwean statutory and regulatory requirements, according to a published statement on the Barclays Bank of Zimbabwe website yesterday.

Francesco Ceccato, Group Head Barclays Corporate Development and Anadkat (R) concluding FMB Capital Holdings’ successful acquisition

The move sees FMBCH, the holding company for FMB Group, acquiring a 42 percent shareholding in BBZ with Barclays plc retaining a 10 percent stake and employees holding 15 percent through an Employee Share Ownership Trust. The remaining 33 percent are listed on the Zimbabwe Stock Exchange.

Despite the change of ownership both FMBCH and Barclays have stressed that it is “business as usual” with no immediate changes anticipated to its service offering and network.

During 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.

“This transaction marks a significant milestone in our steps to becoming a truly African bank offering financial solutions to the region. We share many of the same values as our colleagues at Barclays and we will continue to create meaningful value for all our stakeholders and the Zimbabwean community at large.

“For our regional customers, our Zimbabwean operation will serve to further facilitate and enhance their cross-border trade operations through our expanded footprint,” said FMBCH director Hitesh Anadkat at the signing in London on Tuesday.

Commenting on the conclusion of the deal, FMB Malawi chief executive officer Fernando Rodrigues said the development will have a significant impact on the group’s regional services.

FMBCH owns and operates FMB Bank, The Leasing and Finance Company of Malawi Limited and FMB Capital Markets Limited. It also has interests in Capital Bank Botswana, Capital Bank Mozambique and First Capital Bank in Zambia with total assets (at the end of June 2017) of $496 million. n

 

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