Government to approve sale of Barclays Bank to FMB Malawi despite opposition
The government through the Reserve Bank of Zimbabwe is expected to authorize the sale of Barclays Bank Zimbabwe to Malawi’s First Merchant Bank. This comes despite the opposition from local empowerment group the Affirmative Action Group president.
A source who spoke to weekly publication the Financial Gazette said:
Barclays Plc has been given the green light to consummate the deal while awaiting regulatory approval. Unless something bad happens, I don’t expect the Reserve Bank to spin and turn back the transaction.
While another source said
Unless something catastrophic happens, we expect the Reserve Bank to give its approval by August 31. The other approvals have already been granted.
More: Financial Gazette