Malawi’s FMB buys Zim­babwe Bar­clays

The Star Early Edition - - INTERNATIONAL -

AN OF­FER for Bar­clays’s Zim­babwe unit by its man­age­ment and backed by funds from the coun­try’s so­cial se­cu­rity agency lost out to Malawi’s First Mer­chant Bank.

It’s a “shame” that Bar­clays Bank of Zim­babwe didn’t stay with lo­cal in­vestors, Na­tional So­cial Se­cu­rity Au­thor­ity chair­man Robin Vela said by phone from the cap­i­tal, Harare, on Mon­day, con­firm­ing that the agency was will­ing to fund the deal.

“Bar­clays made their de­ci­sion and it’s within their rights to sell to whomever they like,” he said.

Bar­clays views man­age­ment buy­outs as rarely suc­cess­ful in bank­ing and was more com­fort­able with First Mer­chant Bank be­cause it has op­er­a­tions in the re­gion, three peo­ple fa­mil­iar with the mat­ter said, ask­ing not to be iden­ti­fied. – Bloomberg

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