Prime Bank through its partner First Merchant Bank Group ( FMB Group) successfully acquired 52 per cent majority shareholding in Afcarme Zimbabwe Holdings (Pvt) Limited, the holding company for Barclays Bank of Zimbabwe Limited (BBZ) from Barclays Bank PLC (BBPLC).
The acquisition gives FMBCH in charge of the bank with Barclays Plc retaining 10% stake, employees through an employee share ownership trust (15%) and 33% will remain listed on the Zimbabwe Stock Exchange.
Last year, Barclays Plc announced its intention to divest from the local operation. It had 68% shareholding in the bank.
In 1995, First Merchant Bank (FMB) was founded as a joint partnership between the FMB and Prime Bank. FMB became the first private bank and was granted the third ever banking license in Malawi.
In 2009, to raise capital and ensure good governance and transparency, the bank listed on the Malawi Stock Exchange with 10% of its net shares being offered to the public.
Over the years, FMB has grown its South African Development community(SADC) footprint to serve its customers’ cross-border banking needs in the sub-Sahara region. FMB has acquired five subsidiary companies, which together, form the First Merchant Bank Group (FMB Group).
Member companies of the FMB Group include the following:
Acquired 38.60% shareholding in Capital Bank – Gaborone Botswana in 2008
Acquired 49% shareholding First Capital Bank Limited – Lusaka, Zambia in 2013
In 2013, FMB acquired 70% shareholding Capital Bank Limited – Maputo, Mozambique – FMB maintains.
In 2017, wholly bought out Opportunity Bank of Malawi.
In 2017, FMB Group successfully acquired majority shareholding in Afcarme Zimbabwe Holdings (Pvt) Limited, the holding company for Barclays Bank of Zimbabwe Limited (BBZ) from Barclays Bank PLC (BBPLC).
