Barclays Bank is notifying the public that they will be undergoing a name change effective from next Monday (8 October). Below is the press statement they released on the matter:
The Company held an Extraordinary General Meeting on 3 July 2018 at which meeting members unanimously resolved to approve the change of name of the Company from Barclays Bank of Zimbabwe Limited to First Capital Bank Limited.
Subsequently, the Registrar of Companies 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.
Shareholders are advised that it shall not be mandatory to change share certficates, however shareholders who intend to change their share certificates should contac Corpserv Transfer Secretaries, 2nd Floor ZB Centre, Kwame Nkrumah Avenue, Harare.
By the order of the Board
Violet Mutandwa
Company Secretary
5 October 2018
Earlier this year. Barclays Africa Group rebranded to Absa Group Limited. Last year Barclays had a 62% stake in Absa which they sold and now they are left with 15%. The moves that have been made after the sell of stake don’t come as too much of a surprise. Will this rebranding pump in more life at what will become First Capital Bank? Well, I would hedge my bets on a solid no as this move comes at a time when trust in the banking system is disastrously low as the government separated accounts with bond notes from the ones with foreign currency.
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“Will this rebranding pump in more life at what will become First Capital Bank?” – I am not sure if the rebranding was necessarily done to pump in more capital but rather as a necessity since the major shareholder is now FMB capital which if i am not mistaken aquired 62% of of the then Barclays Zimbabwe in 2017.This move was always coming wether or not the government was going to separate bonds notes and FCA.
any relation to First Capital Bank of Zambia?