CBZ Bank Limited, also CBZ Bank, is a commercial bank in Zimbabwe. It is one of the financial services institutions licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator.[3]
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1980 |
| Headquarters | Harare, Zimbabwe |
Key people | R.V.Wilde Chairman J.P.Mangudya CEO |
| Products | Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages |
| Revenue | |
| Total assets | US$1.991 billion (2017)[1] |
Number of employees | 923 (2014)[2] |
| Website | www |
Location
editThe headquarters and main branch of the bank are located on the 3rd Floor of Union House, at 60 Kwame Nkrumah Avenue, in downtown Harare, the capital and largest city in Zimbabwe.[2] The geographical coordinates of the bank's headquarters are: 17°49'40.0"S, 31°02'55.0"E (Latitude:-17.827778; Longitude:31.048611).[4]
Overview
editAs of December 2017[update], the bank was the largest financial services provider in Zimbabwe, ahead of FBC Bank, Barclays Bank Zimbabwe, Stanbic Bank Zimbabwe and Standard Chartered Zimbabwe. At that time, CBZ Bank's total assets were valued in excess of US$1.992 billion with shareholders' equity of US$188.11 million.[1]
History
editThe bank was founded in 1980 as the Bank of Credit and Commerce Zimbabwe Limited (BCCZL). In 1991, BCCZL ran into financial difficulty and faced liquidation. The Government of Zimbabwe acquired 100% shareholding in the bank to avert closure of the institution. Following takeover by the government, the bank was renamed Commercial Bank of Zimbabwe Limited. In 2004, bank was re-organized and renamed CBZ Bank Limited. CBZ Bank Limited became a subsidiary of CBZ Holdings Limited, whose shares are traded on the Zimbabwe Stock Exchange. In the second quarter of 2010, CBZ Bank merged its operations with those of CBZ Building Society, a process that required regulatory approval. The Reserve Bank of Zimbabwe approved the merger in October 2012 and the process was concluded in February 2013.[2]
Ownership
editAccording to the December 2017 Annual Report of the CBZ Holdings Limited (CBZ Group), whose shares of stock are traded on the Zimbabwe Stock Exchange, the major shareholders in the Group were as listed in the table below:[1]
| Rank | Shareholder | Percentage Ownership |
|---|---|---|
| 1 | CBZ Holdings Limited | 24.58 |
| 2 | Government of Zimbabwe | 16.01 |
| 3 | Libyan Foreign Bank | 14.06 |
| 4 | National Social Security Authority of Zimbabwe | 11.71 |
| 5 | PIM Nominees (Private) Limited | 6.70 |
| 6 | Old Mutual Life Association Company Zimbabwe Limited | 5.45 |
| 7 | Stanbic Nominees (Private) Limited–NNR | 4.34 |
| 8 | PIM Nominees–NNR | 1.72 |
| 9 | SCB Nominees | 1.53 |
| 10 | Stanbic Nominees (Private) Limited | 1.42 |
| 11 | Others | 12.48 |
| Total | 100.00 |
Branches
editAs of 30 June 2014, CBZ Bank Limited maintained a network of branches at 66 locations in all major urban centres of Zimbabwe.[2]
See also
editReferences
edit- ^ a b c d CBZ Bank (15 March 2018). "Annual Report for the Year Ended 31 December 2017". Harare: CBZ Bank Limited. Archived from the original on 14 May 2018. Retrieved 13 May 2018.
- ^ a b c d Reserve Bank of Zimbabwe (30 June 2014). "Profile of CBZ Bank Limited". Harare: Reserve Bank of Zimbabwe. Retrieved 13 May 2018.
- ^ Reserve Bank of Zimbabwe (13 May 2018). "List of Registered Banking Institutions". Harare: Reserve Bank of Zimbabwe. Retrieved 13 May 2018.
- ^ "Location of the headquarters of CBZ Bank Limited" (Map). Google Maps. Retrieved 13 May 2018.