FMB Malawi eyeing Barclays Bank PLC stake in BBZ
HARARE – First Merchant Bank Malawi is engaged in discussions with Barclays Bank Plc in relation to the potential acquisition of its interests in Barclays Bank Zimbabwe.
In a cautionary statement released by FMB in Malawi this morning, the group said discussions with BB PLC are ongoing and may or may not result in the announcement of a transaction involving the acquisition by FMB of the interest of Barclays Plc in BBZ. Barclays Plc owns a 67.6% stake
“Such a transaction would also be subject to obtaining approval of the banking regulators in Malawi and Zimbabwe. The Directors therefore advise shareholders of FMB and the public to exercise caution and to consult their professional advisers when dealing in the shares of FMB,” read the cautionary
Well placed sources however say the deal however might not be the best possible path for Barclays although there are indications that there are political pressures from the Zim side.
FMB) is a public limited liability company incorporated in Malawi under the Malawi Companies Act, 1984. It is listed on the Malawi Stock Exchange (MSE) and is registered as a commercial bank under the Banking Act 2010. FMB was listed on the MSE on the 19th of June, 2006.
It has two wholly owned subsidiaries incorporated in Malawi, The Leasing and Finance Company of Malawi Limited, a licensed financial institution engaged in deposit taking and asset finance and FMB Capital Markets Limited, a licenced portfolio manager.
FMB also holds a 70% shareholding in Capital Bank Limited, a licensed commercial bank incorporated in Mozambique, a 38.60% shareholding in Capital Bank Limited, a licensed commercial bank incorporated in Botswana and 49% in First Capital Bank Limited, a licensed commercial bank incorporated in Zambia.