FMB Capital Holdings, based in Mauritius, a holding company of the FMB group, acquired a 42% stake in Barclays Bank Zimbabwe with Barclays PLC holding a 10% stake (employees own 15% through a pool of employees and the 33 % are listed on the Zimbabwe Stock Exchange). Despite the change in ownership, both FMB Capital Holdings and Barclays PLC emphasized that “the business remains as usual in the immediate, there is no change in the supply of services and in the network. During the first 12 months after the conclusion of the deal, the bank will continue to operate under the Barclays brand.
In Mozambique FMB Group owns 70% in Capital Bank Mozambique, giving it effective control of the local operation. Commenting on the conclusion of the deal, Capital Bank’s Chief Executive Officer Jorge Stock said, ‘With our shared border this development will only serve to offer more benefits to our regional customers. Together with our new partners in Zimbabwe we see enormous opportunities for mutually beneficial co-operation – particularly in terms of cross border trade and investment.”