Agricultural Development Bank of Zimbabwe

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Agricultural Development Bank of Zimbabwe
Type Parastatal
Industry Financial Services
Founded 1999
Headquarters Harare, Zimbabwe
Key people Sij Biyam
Chairman
Somkhosi Malaba
Chief Executive Officer
Products Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages
Revenue DecreaseAftertax:US$286,409 (2011)
Total assets US$102.8 million (2011)
Employees 1,000+ (2012)
Website Homepage

Agricultural Development Bank of Zimbabwe (ADBZ), also referred to as Agricultural Bank of Zimbabwe, but is commonly known as Agribank, is a commercial bank in Zimbabwe. It is one of the commercial banks licenced by the Reserve Bank of Zimbabwe, the national banking egulator.[1]

Overview[edit]

Agribank is middle-tier financial services provider that provides commercial, retail, corporate, and international banking services in Zimbabwe. It offers agricultural loans, in addition to other retail, advisory, treasury and investment services, including foreign currency and money transfer services. As of December 2011, the valuation of the bank's total assets was reported to be US$102.8 million, with shareholders' equity of US$15.1 million.[2]

History[edit]

Agricultural Development Bank of Zimbabwe was established as a commercial bank in 1999, according to the website of the Reserve Bank of Zimbabwe. Before that it was known as Agricultural Finance Corporation, which was formerly known as Land and Agricultural Bank, an institution that was established in 1925. In 2003, Agribank transformed into an agricultural development bank, with emphasis on making agricultural loans, but it kept its commercial bank license and function.[3]

Ownership[edit]

Agribank is 100% owned by the Government of Zimbabwe. The table below outlines the shareholding in the bank between the various government ministries:

Agribank Zimbabwe Stock Ownership
Rank Name of Owner Percentage Ownership
1 Zimbabwe Ministry of Finance 50.00
2 Zimbabwe Ministry of Agriculture 50.00
Total 100.00

Branches[edit]

The bank maintains its headquarters at Hurudza House, 14-16 Nelson Mandela Avenue, in Harare, Zimbabwe's capital. It also has about two dozen networked branches in all provinces of the country.[4]

Governance[edit]

Shepherd Makonyere is the Chairman of the Board of Directors and Somkhosi Malaba serves as the Chief Executive Officer of the bank.[5]

See also[edit]

References[edit]

External links[edit]