Bar­clays name change comes into ef­fect

Chronicle (Zimbabwe) - - Front Page - Busi­ness Re­porter

BAR­CLAYS Bank of Zim­babwe Lim­ited share­hold­ers have ap­proved the change of the name of the com­pany to First Cap­i­tal Bank Lim­ited ef­fec­tive to­day, on the Zim­babwe Stock Ex­change.

The de­ci­sion was en­dorsed at an ex­tra­or­di­nary gen­eral meet­ing held on July 3, 2018 at which meet­ing mem­bers unan­i­mously re­solved to ap­prove the name change.

Bar­clays’ com­pany sec­re­tary, Vi­o­let Mu­tandwa said the Regis­trar of Com­pa­nies has al­ready ap­proved and regis­tered the new name of the com­pany.

“The new name of the com­pany shall be ef­fec­tive from 8 Oc­to­ber 2018 on the Zim­babwe Stock Ex­change. Fol­low­ing the change of name, the ab­bre­vi­ated name of the com­pany shall be FCAZW,” she said through a pub­lic no­tice.

While chang­ing share cer­tifi­cates shall not be manda­tory, the bank ad­vised share­hold­ers who in­tend to do so to con­tact rel­e­vant of­fices to fa­cil­i­tate the change.

The First Mer­chant Bank of Malawi fi­nalised the ac­qui­si­tion of the ma­jor­ity stake in Bar­clays Bank of Zim­babwe from its parent com­pany, Bar­clays plc last year.

FMB, a fi­nan­cial in­sti­tu­tion cre­ated in 1995, is listed on the Malawi Stock Ex­change. It also has eq­uity in­ter­ests in bank­ing op­er­a­tions in Botswana, Mozam­bique and Zam­bia. Bar­clays Bank Zim­babwe was es­tab­lished in 1912.

A bind­ing agree­ment was signed be­tween Bar­clays Plc and FMB in Lon­don mid-last year, paving way for an ap­pli­ca­tion for reg­u­la­tory ap­proval to the Re­serve Bank of Zim­babwe.

Mean­while, the bank has ad­vised share­hold­ers of an ap­proval, sub­ject to reg­u­la­tory and other ap­provals, of a de­ci­sion to un­bun­dle the com­pany’s non­core bank­ing prop­er­ties into a sep­a­rate en­tity to be listed on the Zim­babwe Stock Ex­change.

“The pri­mary as­set in­cluded is the com­pany’s 50 per­cent share­hold­ing in a prop­erty hold­ing com­pany called Makasa Sun (Pri­vate) Lim­ited. Share­hold­ers will be pro­vided with more de­tails in due course,” said Mu­tandwa.

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