Barclays Bank of Zimbabwe is planning to acquire new funds to help it lend more money, both to individuals and businesses, and help boost the economy.

The bank secured $37 million offshore lines of credit during the first six months of this year, leveraging on its recent partnership with FMB Capital PLC.

Barclays Bank managing director Mr Samuel Matsekete said the firm is reconfiguring its business model to meet up with changing market needs.

“The bank is pursuing efforts to offer a wider range of products, paving the way for deeper reach within targeted customer segments,” said Mr Matsekete in the half-year results statement.

“The presence of FMB Capital Holdings PLC entities in four other markets in southern Africa allows the bank the opportunity to partner customers and clients with presence or trade relations in those markets. . . more similar (credit lines) arrangements are being pursued,” he said.

Barclays Bank of Zimbabwe, in operation here for 106 years, is known for its conservative approach to lending, and at 2 percent, the bank’s ratio of bad loans ranks among the lowest in the financial industry.

Mr Matsekete said both Barclays Bank PLC, which divested from the local unit, and FMB, would continue to support the bank to ensure its smooth transition, while delivering on customer needs in line with the current trends particularly with regards to enhanced technology platforms.

The new funds are expected to help the bank expand its range of channel offerings, he said, while at the same time executing and enhancing the growth strategy.

In terms of the transition from Barclays PLC, shareholders in July approved a name change to First Capital Bank Limited, with effect from October this year…

View the Barclays Bank of Zimbabwe Limited page

Read complete article: The Sunday Mail