News / Local
Opposition to the sale of Barclays Bank Zimbabwe continues to grow
13 Jun 2017 at 14:19hrs | Views
THE Affirmative Action Group (AAG), the local empowerment lobby group, has added its voice opposing the sale of Barclays Bank Zimbabwe to First Merchant Bank.
The AAG said it will lobby the highest office in the land to interrogate the Barclays Bank transaction and how FMB was chosen over the locals to take over equity.
The AAG president Chamu Chiwanza accused the Reserve Bank of Zimbabwe (RBZ) of being silent on the transaction which they allege violated empowerment laws.
Recently, 63 Barclays Bank Zimbabwe low-level managers petitioned the Government not to approve the takeover of Barclays Bank Zimbabwe by First Merchant Bank (FMB) of Malawi, alleging that the deal violated empowerment laws. The managers have also demanded that British-headquartered Barclays Plc, which hived off about 57 percent shareholding in the local unit last week, should have given a consortium led by Barclays Zimbabwe managing director, George Guvamatanga, the right to first refusal.
"We as AAG strongly feel that there is serious contempt and disregard of the law because it is very clear that the locals have the first right of refusal," said Chiwanza.
The AAG said it will lobby the highest office in the land to interrogate the Barclays Bank transaction and how FMB was chosen over the locals to take over equity.
Recently, 63 Barclays Bank Zimbabwe low-level managers petitioned the Government not to approve the takeover of Barclays Bank Zimbabwe by First Merchant Bank (FMB) of Malawi, alleging that the deal violated empowerment laws. The managers have also demanded that British-headquartered Barclays Plc, which hived off about 57 percent shareholding in the local unit last week, should have given a consortium led by Barclays Zimbabwe managing director, George Guvamatanga, the right to first refusal.
"We as AAG strongly feel that there is serious contempt and disregard of the law because it is very clear that the locals have the first right of refusal," said Chiwanza.
Source - Online
