First Capital Bank Limited has recently made public its intentions to divest from the Zimbabwe Stock Exchange (ZSE) and instead list on the Victoria Falls Stock Exchange (VFEX), thereby joining a growing number of companies making the move to the foreign currency-denominated bourse. This is part of the mass exodus of companies from ZSE to VFEX, and First Capital's listing will bring the total number of listings on VFEX to 10, provided all necessary regulatory processes are completed for the listing. What do we have to know about First Capital Bank?
History
First Capital Bank, formerly known as Barclays Bank of Zimbabwe, has a long and rich history dating back to the early 20th century. Here's a brief look at the bank's journey from its inception to its current status as one of Zimbabwe's leading financial institutions.
In 1912, Barclays Bank opened its first branch in Zimbabwe, then known as Rhodesia. Over the next several decades, the bank expanded its operations throughout the country, providing a range of financial services to both individuals and businesses.
In 1987, Barclays Bank of Zimbabwe was officially incorporated as a locally-owned bank, although it remained a subsidiary of the global Barclays Bank until 2018. During this time, the bank continued to grow and evolve, adapting to the changing needs of Zimbabwe's economy and its people.
In 2018, Barclays Bank announced that it was selling its majority stake in Barclays Bank of Zimbabwe to FMB Capital Holdings, a Malawi-based financial services company. The transaction was completed in 2019, and the bank was subsequently rebranded as First Capital Bank.
Under its new ownership, First Capital Bank has continued to expand and innovate, offering a wide range of banking products and services to individuals and businesses across Zimbabwe. The bank's focus on digital banking has been particularly noteworthy, with the introduction of online and mobile banking platforms that allow customers to access their accounts and perform transactions from anywhere at any time.
FCA Stock Market Performance
First Capital
Bank Limited is still listed on the Zimbabwe Stock Exchange (ZSE) from the time
of writing. First Capital is traded on the ZSE under the ticker symbol “FCA”.
First Capital Bank Limited is currently the 11th most valuable stock on the ZSE
with a market capitalization of ZWL 69.2 billion, which makes about 1.91% of
the Zimbabwe Stock Exchange equity market.
The current share price of First Capital Bank Limited (FCA) is ZWL 31.8364. FCA closed its last trading day (Monday, April 3, 2023) at 31.8364 ZWL per share on the Zimbabwe Stock Exchange (ZSE), recording a 0.4% drop from its previous closing price of 31.9582 ZWL. First Capital began the year with a share price of 15.75 ZWL and has since gained 102% on that price valuation, ranking it 19th on the ZSE in terms of year-to-date performance. Shareholders can be optimistic about FCA knowing the stock has accrued an outstanding 74% over the past four-week period alone—best on ZSE.
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According to African ‘Xchanges, First Capital Bank is the fifth most traded stock on the Zimbabwe Stock Exchange over the past three months (Jan 4 - Apr 3, 2023). FCA has traded a total volume of 17.3 million shares valued at ZWL 319 million over the period, with an average of 274,535 traded shares per session. A volume high of 3.37 million was achieved on February 10th, and a low of 1,600 on January 9th, for the same period. The table below details the last 10 trading days of activity of First Capital Bank on the Zimbabwe Stock Exchange.
Competitors
First Capital
Bank Limited, which issues the FCA stock on the Zimbabwe Stock Exchange,
operates in the Financials sector alongside several other market competitors.
The following table provides a summary of the top 10 market players in this
sector, ranked by their year-to-date performance.
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Also read: April 2023: Road to Victoria Falls Stock Exchange
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