… As Abbreviated name on the ZSE changes to FCAZW
Barclays Bank unveiled its new identity at a rebranding launch held at the Zimbabwe Stock Exchange (ZSE) offices in Highlands, Harare. With effect from the 8th of October 2018, the bank, which was acquired by FMB Capital Holdings PLC in October 2017, will be known as “First Capital Bank Limited in association with Barclays” and its abbreviated name on the local bourse shall be FCAZW. The cobranding will subsist until October 2020.
Belief comes first
Head of Customer Services and Corporate Affairs Emily Nemapare welcomed guests and made brief introductions. In his welcome remarks, Managing Director Samuel Matsekete spoke of the institution’s confidence in the Zimbabwean market, which he noted had potential to become a regional hub. He also spoke of management’s belief in the immense opportunity of leveraging on the group to facilitate regional trade.
Matsekete’s message of belief was underpinned by a short video in which founding shareholder Hitesh Anadkat spoke of the importance of belief, which is reflected in First Capital Bank’s new payoff line: Belief comes first.
Ceremonial Ringing of the ZSE Bell
Matsekete joined ZSE Chairperson Mrs Caroline Sandura in carrying out the ceremonial ringing of the bell to signify the commencement of trading in First Capital Bank Limited shares on the local bourse, replacing Barclays Bank shares which were originally listed in 1991. In her official remarks, Mrs Sandura extended a hearty welcome to First Capital Bank to the ZSE official list and described the occasion as momentous, fittingly taking place at the ZSE “as it should”. She took the opportunity to reveal that the ZSE’s current strategy was focused on product diversification and digitalisation. She expressed the hope that First Capital Bank would soon list new entities. “I hope we will convene again soon to celebrate the listing of a new ETF (Exchange Traded Fund) and I also hope that by that time we will have a new CEO. We have gone regional and international in an effort to get the best candidate,” said Mrs Sandura.
Facilitating Regional Trade
In his closing remarks, FCB Commercial Director Lawrence Nyazema reiterated the potential of Zimbabwe’s economy and FCB’s willingness to play its part in realising that potential. He said the bank was poised to exploit emerging opportunities by facilitating regional trade, citing the linking of Malawian sellers of soya bean to local buyers as a prime example of how the bank was already making inroads into the region. He thanked the new shareholder for holding the Zimbabwean bank’s right hand and the old shareholder, Barclays for holding the left hand as they guided the bank into the future.
After the listing event, the bank held a press conference during which MD Samuel Matsekete fielded several questions from the local media. – © Monthly Financial Sector Bulletin(MFSB)
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