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Kudzanai Sharara Assistant Business Editor
Financial services group, Barclays Bank of Zimbabwe Limited, yesterday announced the change of its name on the Zimbabwe Stock Exchange to First Capital Bank Limited with management expressing confidence in the Zimbabwean market that it said has the potential to become a regional hub.
Barclays Bank, now First Capital Bank (FCB) is currently in an operational transition, following its disposal to First Merchant Bank Capital Holdings Plc by Barclays Bank PLC.
Speaking at the launch, chief executive officer Samuel Matsekete said First Capital Bank Limited (FCBL) believe in the Zimbabwean market in terms of customers it serves and the policies implemented by the authorities.
“As FCBL, we believe in this market, our belief is in the ambitions of customers that we serve, it’s in the ambitions of the authorities that set the policy thrust for this market, and which we genuinely want to support so that the bank becomes even more relevant to the market going forward.
“Our belief is also in some of the opportunities that exist for the Zimbabwean Bank from across the region. We have entities from here in Zimbabwe that have operations in the region, but we have also entities in Zimbabwe that have trade relations into the regional market.”
Mr Matsekete said going forward, the bank is looking at playing a meaningful and bigger role, in the local market to support the clients and the customers that it serves.
He said the bank is ready, “to support the Government policy thrust and efforts around resuscitating the economy, and getting us to the place which we deserve, and we are very much aware of the areas of priorities this market is ready to focus on,” said Mr Matsekete.
“We have potential to be a hub of logistics for the region and we see ourselves playing an anchor role to support all of this opportunity that we have when we hub Zimbabwe for the region and support business, and partner our clients into the opportunities that they will be pursuing.”
“We are rebranding at a time that the bank is getting stronger,” said Mr Matsekete, who took time to highlight the bank’s performance for the first half of the year, which he said showed the direction that the bank is taking as well as the opportunities that it is chasing after.
He said the bank’s capital base, year-to-date, also strengthened making it one of the top four banks in the country.
Mr Matsekete said the bank’s customer base has grown over the year to date as well as the balance sheet footing.
The name change follows the company’s change in majority shareholders after it was acquired by First Merchant Bank Capital Holdings Plc of Malawi (FMC). Approximately 33 percent of the bank’s shareholding is owned by a wider shareholding on the ZSE, while FMC holds 43 percent, employees 15 percent. Barclays Plc still owns 10 percent.
The decision to change the name was approved by shareholders at an extraordinary general meeting held on July 3, 2018.
Following the change of name, the abbreviated name of the company on the ZSE shall be FCA.zw from BARC.zw prior to the changes. The Bank will, however, remain cobranded with Barclays for the period to October 2020.
As part of the name change, the bank will refurbish its branches over time to reflect the new First Capital Bank visual identity.
Mr Matsekete said the bank will build on the heritage of having operated in this market since 1912.
He said the rebranding to First Capital Bank Limited, was not restricted to Zimbabwe only, but also to its sister operations in Botswana, Zambia, and Malawi, while Mozambique is still to get regulatory go ahead.
He said this unified brand in the region, makes a statement of commitment by the Group of the belief of the potential and possibilities of the region.
“We are also very proud to be part of that regional story, which brings us closer to the market and makes us understand the needs of our region even deeper,” said Mr Matsekete.
He said this will also allow the bank to provide solutions that are suited to the region and also better suited for the Zimbabwean market. He added that the cobranding to First Capital Bank in association with Barclays demonstrates the commitment of both shareholders to a smooth transition of the ownership change.
Mr Matsekete said the cobranding will continue up to 2020 before dropping the Barclays name.
Online Reporter