No Zimbabwean had money to buy Barclays Bank says RBZ

6 years agoTue, 31 Oct 2017 02:26:26 GMT
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No Zimbabwean had money to buy Barclays Bank says RBZ

Reserve Bank of Zimbabwe (RBZ) Deputy Governor, Khupukile Mlambo said at the weekend that no Zimbabwean had the money to buy Barclays Bank which was sold to Malawai’s First Merchant Bank (FMB) Capital Holdings.

A number of Zimbabweans spoke against the acquisition arguing that it is against the Zimbabwe’s indigenisation and empowerment laws. Zanu-PF Youth League was very vocal against the deal despite approval by authorities, arguing the bank should have been sold to locals. Said Mlambo:

That’s why for example Barclays Bank was sold to a Malawian (FMB Capital Holdings) because we couldn’t find locally here somebody who could buy it. We had no money to buy and if we were to buy it we were going to borrow from an institution. It means we were going to borrow from local banks then we ship that money to the UK because Barclays headquarters are in the UK. We needed someone who could bring in their own money. This is the challenge. So, all this, which is in the papers is nonsense.

More: Chronicle

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