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Barclays appoints chief operating officer

BARCLAYS Bank of Zimbabwe has appointed former FBC Holdings Ltd executive director for treasury and international banking, Mberikwazvo Chitambo, chief operating officer.

-serif”>Barclays managing director Charity Jinya said the appointment is consistent with the management structures at all Barclays operations across Africa and the Middle-East.

“The rationale of this appointment is to provide the managing director with the capability to run the business in the most effective manner,” Jinya said.

Chitambo will be overseeing operations in five areas, which include credit risk, change, human resources, risk advisory services and operations and information technology.

Jinya said the move would improve the level of expertise delivered from the operations aspect of the business at a sustainably lower cost through a clear focus of the areas.

Barclays has over 26 branches in the country and employs 1 700 people.

Once the top bank in the country, Barclays has slipped in the ranks and is now behind banks like CBZ and Standard Chartered. Barclays recently retrenched some of its staff and disposed of some of its branches in a bid to cut down on operating costs.

Jinya, however, said the bank is currently not engaged in any formal processes to retrench or commence any retirement exercise but will respond to the macro and micro-economic environment in order to ensure its continued viability.

“The objective of the 2003 review of operations was to make Barclays a leaner organisation and better equipped to respond quickly to the changing economic and market conditions,” she said.

Jinya said that the cost-cutting strategies that are now being implemented by the bank are confidential and therefore cannot be disclosed.

In relation to the deteriorating performance of Barclays, Jinya said the bank has put in place strategies to enable it to proactively organise itself and its performance to meet changes in the operating environment and improve its performance in the second half. According to financial analysts, Barclays’ performance in the first half year for 2005 was below market expectations. – Staff Writer.

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