FMB begins Barclays takeover process

First Merchant Bank Capital Holdings officials are currently in the country to start the process of taking over Barclays Bank Zimbabwe after they obtained all approvals to acquire the majority stake in the financial institution.

The officials were supposed to meet management, staff and the BBZ board yesterday. 

SOURCE: FINIX

Barclays Bank PLC completed the sale of its majority shareholding in BBZ to FMB Capital Holdings at the end of May but completion of the transaction was subject to regulatory approvals, which have now been obtained.

 

The transaction was effected by the sale of a majority stake (81%) in Afcarme Zimbabwe Holdings which holds the 67.68 percent in BBZ.

Under the transaction, an employee share ownership trust will get 15% of the 67.68 percent while Barclays Plc will retain a 10% interest.

Well-placed sources told FinX that FMB will now have to make an offer to minorities on the Zimbabwe Stock Exchange to comply with the listing rules while the formal transaction of the ESOT shares is expected to sail through the market today or tomorrow.

 The ESOT trust has already been registered and its trustees are Keith Ho and Anthony Mandiwanza while it expected to appoint an independent chair and to get trustees from the management association and workers association. 

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