HARARE,– Barclays Bank Zimbabwe’s shareholders have approved a name change, which will see the bank operating under a dual brand after its takeover by FMB Malawi.
FMB acquired an effective 42,7 percent shareholding in the bank from Barclays Plc which was exiting the African market to focus more on its transatlantic operations.
On Tuesday, shareholders approved of the brand evolution will see the dual branding run for the next two years upon which Barclays Bank Plc would have completed its exit. At the annual general meeting in May, managing director Samuel Matsekete told shareholders that the dual brand should be in operation by October this year.
The bank will then rebrand to a fully fledged FMB brand.
Officials said the bank is currently in the process of migrating its IT systems from Barclays Plc to those of FMB.
Barclays, which retained a 10 percent shareholding in the bank, will have representation on the local bank for the two year period.
Source: The Source