Regulatory authorities have approved the takeover deal of Barclays Bank of Zimbabwe (BBZ) by the Malawi stock exchange listed financial group, FMB Capital Holdings (FMBCH) Limited.

In a joint statement released to the ZBC News over the weekend, FMBCH announced the successful acquisition of an effective 42.7 percent shareholding in BBZ.

In terms of the new shareholding structures, FMBCH is now the majority shareholder in Barclays Zimbabwe, with the London based parent firm Barclays PLC retaining a 10 percent stake, while the financial institution’s employees or workers will hold a 15 percent shareholding with the remaining 33 percent shares being listed on the Zimbabwe Stock Exchange.

While BBZ chairman, Mr Anthony Mandiwanza said in a statement the completion of the transaction marks an important element in the history of the bank, an economist Mr Zack Murerwa said focus should be now on the preservation of depositors’ funds.

“We now just want everything to go on board for the benefit of the bank,” said Mr Murerwa.

In terms of the plan, the local bank will currently operate under the Barclays brand with FMBCH brand being introduced over a two year period.