Barclays Bank Zimbabwe to change name

Barclays Bank Zimbabwe to change name
Published: 12 June 2018
BARCLAYS Bank Zimbabwe (BBZ) has announced plans to change its name to First Capital Bank Limited following the financial institution takeover by First Merchant Bank of Malawi last year.

Last October, Barclays plc concluded a transaction in which it disposed an effective 42,7 percent of its shareholding in Barclays Bank of Zimbabwe to the Mauritius registered FMB Capital Holdings (FMBCH), which is now the major shareholder in BBZ and Barclays plc has retained 10 percent shareholding.
BBZ company secretary Ms Violet Mutandwa said the resolution to change the bank's name would be considered at the forthcoming extraordinary general meeting on July 3.

"One of the initial steps required as BBZ prepares for the rebranding exercise is to change its registered statutory name. Now therefore, the shareholders are called upon in terms of section 25 of the Companies Act (Chapter 24:03) to consider and if deemed fit to pass with or without modification the following resolution:

"That the company changes its registered statutory name from 'Barclays Bank of Zimbabwe Limited' to 'First Capital Bank Limited'.

"The new name is aligned to the new ownership structure and the group rebranding exercise currently underway," she said.

As a result, Ms Mutandwa said BBZ would go through a phased rebranding exercise over the next two years according to the terms of the Transitional Trade Mark Licencing signed by Barclays plc and FMBCH.

At the forthcoming extraordinary general meeting, in terms of the Companies Act (Chapter 24:03), a member entitled to attend and vote at the meeting is required to appoint a proxy to attend, vote and speak in his stead. The proxy need not to be a member of the company.

First Merchant Bank (FMB) is a financial institution created in 1995, is listed on the Malawi Stock Exchange, while it also has equity interests in banking operations in Botswana, Mozambique and Zambia. Barclays Bank Zimbabwe was established in 1912, and has operated incessantly since.

Before the sale, Barclays Plc held 67,68 percent in the Zimbabwean subsidiary but had classified it as non-core. Last year, it was reported that Barclays plc will not get full cash for the transaction but would be invested in FMB through an instrument which it will sell later or over time. Barclays Plc has also announced plans to sell a further 22 percent stake in South Africa's Barclays Africa Group Ltd, a holding worth about $2 billion at current price, as part of the United Kingdom bank's plan to shrink its operations and bolster capital strength.
- chronicle
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