Barclays Bank of Zimbabwe Limited is cobranding to “First Capital Bank in association with Barclays”. On 3 July 2018 shareholders of the bank approved the name change from Barclays Bank of Zimbabwe Limited to First Capital Bank Limited which will now be cobranded with Barclays until October 2020. This forms part of the launch of a new and cohesive brand identity for all of FMBcapital Holdings PLC banking operations across Botswana, Zimbabwe, Malawi and Zambia whilst the Group’s operations in Mozambique are also set to be rebranded next year.
Dheeraj Dikshit, Group Managing Director of FMBcapital Holdings PLC says the bank’s regional network is ideally suited to partner with clients as they expand their business into new markets. “Our group comprises of a unified team offering integrated services across five markets. Now the single First Capital Bank name and brand will reflect this. Our regional reach not only means that clients can avail banking services and solutions across markets seamlessly, but also that their relationship with the bank extends into new markets.”
First Capital Bank was founded in 1995 in Malawi, where it was known as First Merchant Bank. Since then the bank has progressively grown to become a nimble regional banking group offering a comprehensive range of business and personal banking products. The Group currently employs over 1 800 staff who service a client base of nearly 840 000. “Over the past two decades we have seen Southern Africa begin to realise its enormous potential with businesses pursuing growth both domestically and regionally. This has meant that we also have to continuously improve and expand our service and product offering to continue to partner with them effectively” says Hitesh Anadkat, Founding Shareholder of FMBcapital Holdings PLC.
The divestment process by Barclays Bank PLC from Afcarme Zimbabwe Holdings (Pvt) Ltd., the holding company for Barclays Bank Zimbabwe Limited, was concluded on the 10th of October 2017. The move saw FMBcapital Holdings PLC acquiring an effective 42.7% shareholding in the bank with Barclays Bank PLC retaining an effective 10% stake. Employees hold 15% through an Employee Share Ownership Trust and the remaining 33% is widely held by both institutional and individual shareholders through the Zimbabwe Stock Exchange on which the bank continues to be listed.
Samuel Matsekete, CEO of First Capital Bank Limited in Zimbabwe, says that both Barclays Bank PLC and FMBcapital Holdings PLC are committed to ensuring a smooth and seamless transition. In Zimbabwe, the bank will be cobranded with Barclays for the period to October 2020. “Our commitment and focus is to effectively partner our customers on their journey to success. Our team in Zimbabwe is working hard to sustain and continue to enhance customer experience across all service points while we also strengthen the product and service offering.” says Matsekete.
The reenergised brand will see the bank’s branches being refurbished over time to reflect the new First Capital Bank visual identity.
Matsekete says the ethos of First Capital Bank is also reflected in its new motto: Belief comes first. “Belief came first for us when the bank was founded. Above all it is belief that propels us forward; belief in the aspirations of our clients and belief in the potential of the communities in which we operate.”