Apr 26, 2018 Last Updated 7:34 AM, Apr 26, 2018
×

Warning

JFile: :read: Unable to open file:

FMB Malawi Barclays Deal In Abeyance

Politician in Zimbabwe are said to be furious at sale of the bank Politician in Zimbabwe are said to be furious at sale of the bank Image sourced a faceofmalawi.com
Published in Business News
Read 13177 times
Rate this item
(0 votes)
Tagged under

Representatives of FMB Group in Malawi are engaging Zimbabwean authorities on the best way forward to resolve conflicts arising from their purchase of Barclays Bank in Zimbabwe

FMB bought the 57.68% stake that Barclays held in its Zimbabwe subsidiary in a deal worth $60 Million, after the conglomerate announced it is exiting Africa.

The remaining 32% of Barclays Bank of Zimbabwe’s shares are traded on the Zimbabwe stock exchange.

Online publication, the Business Day reports that Zimbabwean politicians are furious about sale of Barclays Bank Zimbabwe to Malawi.

The politicians also say that the sale of the bank to FMB flouts their laws on indigenisation.

In June, Zanu PF youth leader, Kudzai Chipanga, called on President Robert Mugabe to have the bank’s sale reversed in order to allow for indigenous shareholders to place their bids.

For FMB, the purchase of Barclays Bank Zimbabwe helps to increase its regional footprint to five countries: Malawi, Botswana, Mozambique, Zambia and now Zimbabwe.

Zimbabwean politicians however, argue that offering foreign companies’ priority over local entities raises the risk of foreigners sabotaging Zimbabweans.

Responding to concerns, the Board of FMB disclosed to Capital FM, that they are working on transaction agreements that will benefit all parties concerned.

FMB group Managing Director in Malawi Deraj Dikshit told Capital FM that agreement is being followed and what both parties are trying to do is to make sure that they all win in the end.

What is left is for regulators in both countries to make the final decision.

According to report in Zimbabwe Independent and NewsDay of Zimbabwe, Barclays Bank Zimbabwe was established in 1912, and has operated in the country continuously since then, making it a landmark feature on the local financial services landscape.

The bank, listed on the Zimbabwe Stock Exchange (ZSE), has over 1000 employees and a countrywide network of 38 branches in main urban areas.

Barclays Bank Plc, which held 67, 68% shareholding in the local unit, last year announced it was disposing of its African assets, including in Zimbabwe, to focus on British and American markets.

1444 comments

  • Comment Link www.wir-sind-paderborn.de www.wir-sind-paderborn.de Thursday, 26 April 2018 06:47

    Conheça tratamento que pode lhe ajudar. http://www.wir-sind-paderborn.de/cgi-bin/suchen.pl?suchworte=Debilidade+Carnal+Masculina+(Disfun%E7%E3o+Er%E9til)

  • Comment Link Collin Collin Thursday, 26 April 2018 05:56

    Piano classes are the greatest reward that families could offer with their youngster.
    A colorful graph about the front from the shirt indicates the potency of neighboring Wi-Fi signals,
    letting you find an optimal destination to connect before you even turn your laptop on. Her eyebrows
    are shaven, which indicates she's married, and her eyes
    are narrowed in a dreamily gaze looking to the distance.

  • Comment Link Rosaura Rosaura Wednesday, 25 April 2018 08:03

    I must thank you for the efforts you've put in writing
    this site. I really hope to view the same high-grade
    blog posts by you later on as well. In truth, your creative writing abilities has inspired me to get my very own site now ;)

  • Comment Link Francisco Francisco Wednesday, 25 April 2018 07:15

    May I just say what a relief to discover someone who
    truly knows what they are discussing on the web. You certainly know how to bring an issue to light and make it important.
    More people have to read this and understand this side of the story.
    It's surprising you aren't more popular given that you surely possess the gift.

  • Comment Link Asbestos Watch Melbourne Asbestos Watch Melbourne Wednesday, 25 April 2018 03:51

    I wanted to say Appreciate providing these details, youre doing a great job with the site...

Leave a comment

Make sure you enter the (*) required information where indicated.Basic HTML code is allowed.

Capital Tweets

Any data to display

Find Us on Facebook