Zimbabwe’s First Capital Bank is set to strengthen its regional footprint after its parent company, FMBcapital Holdings Plc (FMBCH), received in-principle approval from the Bank of Mauritius to establish a new commercial bank in the Indian Ocean island nation.
The proposed bank will be established through a 50:50 joint venture between FMBcapital Holdings and Rogers Global Financial Holdings Ltd (RGFHL), according to a market update signed by Group Chief Executive Officer Jaco Viljoen.
The expansion represents another significant step in FMBCH’s strategy of growing its presence across Africa and strengthening cross-border banking services.
FMBcapital Holdings currently owns and operates the First Capital Bank franchise in Zimbabwe, Botswana, Malawi, Mozambique and Zambia.
The group said the proposed Mauritian bank would combine FMBCH’s regional banking expertise with Rogers Global Financial Holdings’ established presence in Mauritius to support growing trade, investment and financial flows between Mauritius, Africa and international markets.
“The proposed bank is expected to leverage FMBCH’s regional banking expertise together with RGFHL’s strong local presence to facilitate expanding trade, investment and financial flows,” the company said.
FMBcapital Holdings is headquartered in Mauritius and is listed on the Malawi Stock Exchange.
Through its First Capital Bank network, the group manages approximately US$2.5 billion in assets, making it one of the region’s leading providers of corporate, commercial and transactional banking services across sub-Saharan Africa.
Despite receiving regulatory approval in principle, the company stressed that the proposed institution has not yet been granted permission to begin banking operations.
The Bank of Mauritius has made the final banking licence conditional upon the company satisfying a number of regulatory requirements.
FMBCH said it is working to fulfil those conditions and will continue updating shareholders as the licensing process progresses.
The company also cautioned investors that there is no certainty the final banking licence will ultimately be granted.
“Shareholders are advised that the in-principle approval does not constitute an authorisation to conduct banking business in Mauritius and there is no guarantee at this stage that a final approval will be granted by the regulator,” Viljoen said.
“The company is working towards satisfying the applicable conditions and will update shareholders and the market as and when there are material developments.”
The proposed expansion comes as African banking groups increasingly pursue regional growth strategies aimed at supporting cross-border trade, investment and financial integration across the continent.
For First Capital Bank Zimbabwe, the move further strengthens its parent group’s ambitions of becoming a leading regional banking institution serving businesses and investors operating across multiple African markets.
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