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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
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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.

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