Malawi’s FMB buys Zimbabwe Barclays
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