HARARE-Barclays bank Zimbabwe has entered a new transitioning phase after shareholders voted in favour of co–rebranding on Monday, incorporating the FMB brand, in a move reflective of the bank’s new shareholding structure.
Over the next 2 years, the bank will retain the Barclays brand while adding to it the FMB brand in a managed transition intended to stabilise the bank and cushion any unforeseen shocks that may accrue in the process of transition.
Post the 2 year period, the FMB brand will takeover and become the sole brand represented by the bank.
On the sidelines of the EGM the bank’s CE Samuel Matsekete told Equity Axis that the bank will take necessary steps to create positive awareness of the exercise to the public so as to retain brand equity and inspire market confidence.
He emphasized that although the books now reflect firm control of the bank by FMB of Malawi, Barclays remain a shareholder retaining a residual 10% shareholding in the bank.
Likewise the London based financial institution has retained an active board representation on the local bank asserting its firm commitment to the bank throughout the separation period.
FMB acquired a 42% shareholding in the bank from Barclays while the later retained a 10% shareholding. 33% of the issued shares are traded on the ZSE while the remainder is under an employee share scheme.
