FMB Capital Holdings Plc (MAL:FMBCH) and employee share ownership trust (ESOT) agreed to acquire 57% stake in Barclays Bank of Zimbabwe Limited (ZMSE:BARC) from Barclays PLC (LSE:BARC) on May 30, 2017. Under the transaction, FMB Capital Holdings Plc will acquire 42% stake in Barclays Bank of Zimbabwe while Barclays PLC will retain 10% stake and ESOT will get 15%. The ESOT shares will be held in a trust in perpetuity. The deal is subject to approval of Reserve Bank of Zimbabwe and completion of satisfactory due diligence. The process to obtain regulatory approvals is expected to take about 90 days. As of September 7, 2017, the transaction remains subject to certain statutory, regulatory and other approvals.

FMB Capital Holdings Plc (MAL:FMBCH) and employee share ownership trust (ESOT) completed the acquisition of 57% stake in Barclays Bank of Zimbabwe Limited (ZMSE:BARC) from Barclays PLC (LSE:BARC) in May 2017. As on October 13, 2017, the transaction was approved by the regulatory authority.