The First Merchant Bank (FMB) has changed its name to First Capital Bank a move which is part of its rebranding process.
The change of the name does not affect customers as their details such as account numbers, ATM cards and others would remain the same, bank officials have confirmed.
First Capital Bank Chairperson, Hitesh Anadkat, said the name change forms part of the launch of a new and cohesive brand identity for FMB Capital Holdings PLC’s banking operations in Malawi, Botswana, Zimbabwe and Zambia, with the Mozambique operations set to be rebranded early next year.
“Over the past two decades, FMB is proud to have become a key financial player in the Malawian economy and the lives of our clients. We are privileged to have grown with the country and look forward to the next phase of our journey as First Capital Bank,” Anadkat said.
FMB was established in 1995. Since then, the bank has progressively grown to become a nimble regional banking group offering a comprehensive range of business and personal banking products.
The group employs over 1,800 staff members who service a client base of nearly 840,000.
“Over the past two decades we have seen Southern Africa begin to realise its enormous potential with businesses pursuing growth both domestically and regionally. This has meant that we also have to continuously improve and expand our service and product offering to continue to partner them effectively,” Anadkat said.
FMB Capital Holdings PLC Group Managing Director, Dheeraj Dikshit, said the bank’s regional network is ideally suited to partner clients as they expand their business.
“Our group comprises a unified team offering integrated services across five markets. Now the single First Capital Bank name and brand will reflect this. Our regional reach not only means that clients can avail banking services and solutions across markets seamlessly, but also that their relationship with the bank extends into new markets,” Dikshit said.
Last year, the group acquired a majority shareholding in the holding company of Barclays Bank of Zimbabwe.
Dikshit said, as per the transition arrangement, the bank will migrate from the Barclays PLC brand to a co-brand for two years. He said the Zimbabwe operations will be rebranded as ‘First Capital Bank in association with Barclays’.
First Capital Bank Malawi Chief Executive Officer, Fernando Rodrigues, said rebranding will give the bank’s business an advantage as it continues to expand its customer base.
“Our team in Malawi has made a commitment to ensure that even as we expand our regional offering, we retain our focus on relationships when we work alongside our clients and communities to help them to achieve their extraordinary,” Rodrigues said.
Apart from the name change, First Capital Bank has also acquired a new pay off line ‘Belief Comes First’.
“Belief came first for us when the bank was founded 23 years back. It was also the belief that propelled us forward to expand to other countries in the region – belief in our values, business model and, importantly, belief in our clients, country and the potential of our continent,” Rodrigues said.