Barclays Zimbabwe name change comes into effect

BARCLAYS Bank of Zimbabwe Limited shareholders have approved the change of the name of the company to First Capital Bank Limited effective today, on the Zimbabwe Stock Exchange.

The decision was endorsed at an extraordinary general meeting held on July 3, 2018 at which meeting members unanimously resolved to approve the name change. Barclays' company secretary, Violet Mutandwa said the Registrar of Companies has already approved and registered the new name of the company.

"The new name of the company shall be effective from 8 October 2018 on the Zimbabwe Stock Exchange. Following the change of name, the abbreviated name of the company shall be FCAZW," she said through a public notice.

While changing share certificates shall not be mandatory, the bank advised shareholders who intend to do so to contact relevant offices to facilitate the change. The First Merchant Bank of Malawi finalised the acquisition of the majority stake in Barclays Bank of Zimbabwe from its parent company, Barclays plc last year.

FMB, a financial institution created in 1995, is listed on the Malawi Stock Exchange. It also has equity interests in banking operations in Botswana, Mozambique and Zambia. Barclays Bank Zimbabwe was established in 1912.

A binding agreement was signed between Barclays Plc and FMB in London mid-last year, paving way for an application for regulatory approval to the Reserve Bank of Zimbabwe.

Meanwhile, the bank has advised shareholders of an approval, subject to regulatory and other approvals, of a decision to unbundle the company's non-core banking properties into a separate entity to be listed on the Zimbabwe Stock Exchange.

"The primary asset included is the company's 50 percent shareholding in a property holding company called Makasa Sun (Private) Limited. Shareholders will be provided with more details in due course," said Mutandwa.