The Barclays Bank of Zimbabwe has appointed Samuel Matsekete as the new Managing Director.
The former Chief Finance Officer was promoted to MD feeling the position that was left vacant after George Guvamatanga left the bank in November after he was retrenched.
Barclays Bank which was acquired by First Merchant Bank (FMB) of Malawi announced the new development in a statement released to the press.
By Pearson Mbendera
“The Barclays Bank of Zimbabwe Board is pleased to announce the appointment of Samuel Matsekete as substantive Managing Director of the company with immediate effect,” reads the announcement published in the papers.
The Bank has gone through a lot of changes since it was acquired by FMB of Malawi back in May after FMB signed an agreement to purchase 67,8% shareholding of the bank.
Mr Matsekete, a qualified chartered accountant, joined Barclays in 2007 as a Financial Controller and rose through the ranks, joining Board a year later after being appointed Finance Director. He also held extended responsibilities that covered Risk, Compliance and Legal, among many others.
Following the retrenchment of Mr Guvamatanga who had been the MD of Barclays Bank since 2008, Mr Matsekete took over as the acting MD before he was made permanent in December.
The changes in management of the bank are as a result of the bank’s need to reorganise and appoint a new management team with different wage and skill structure as opposed to the management team that was there previously.
The bank also merged some positions, duties and responsibilities in a move that led to the retrenchment of Guvamatanga and the subsequent appointment of Sam Matsekete.