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FBC Bank

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FBC Bank
Company typePublic Company
ZIM:FBCH
IndustryBanking
FoundedAugust 1997; 27 years ago (1997-08)
HeadquartersHarare, Zimbabwe
Key people
Herbert Nkala
Group Chairman
John Mushayavanhu
Group Chief Executive
ProductsLoans, Savings, Investments, Debit Cards, Credit Cards, Mortgages
RevenueIncrease:Pretax:US$16.6 million (2017)[1]
Total assetsUS$558.1 million (2017)[1]
Number of employees
390 (2017)[2]
Websitewww.fbc.co.zw

FBC Bank, whose full name is FBC Bank Limited, is a commercial bank in Zimbabwe. It is licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator.[3]

Location

The main branch and headquarters of the bank are located on the 6th Floor of the FBC Centre, at 45 Nelson Mandela Avenue, in Harare, the capital and largest city of Zimbabwe.[2] The geographical coordinates of this bank's headquarters are: 17°49'46.7"S, 31°02'46.7"E (Latitude:-17.829639; Longitude:31.046306).[4]

Overview

As of December 2017, FBC Bank was a medium-sized banking institution, whose total asset valuation was US$558.1 million, and shareholder's equity of US$77.9 million.[1] The bank is very active in the digital and mobile banking arena. This has become very pertinent in the current environment, where the country has adopted a multi-currency system; using the South African Rand, the US dollar, Euro and others.[5]

FBC Bank is a 100% subsidiary of First Banking Corporation Holdings Limited, commonly known as FBC Holdings Limited, a publicly traded financial services company whose shares are listed on the Zimbabwe Stock Exchange, under the symbol: FBCH. The holding company owns subsidiaries, as depicted in the table below:[2]

FBC Holdings Limited Subsidiaries
Rank Name of Subsidiary Asset Value Core Capital Notes
1 FBC Bank Limited US$558.1 million US$75.2 million Commercial Bank
2 FBC Building Society US$129.9 million US$47.4 million Building Society
3 Microplan Financial Services Limited US$19.8 million US$9.5 million Microfinance Institution
4 FBC Securities Limited Brokerage Services
5 FBC Reinsurance Limited Reinsurance
Total US$712.4 million US$144.2 million

History

The bank was established as First Banking Corporation Limited, in 1997. In 2004, the bank was wholly acquired by FBC Holdings Limited, a diversified financial services conglomerate involved in banking, insurance, brokerage, advisory and asset management. Following the acquisition, the bank rebranded to FBC Bank Limited.[2]

Ownership structure

The bank is a 100 percent subsidiary of FBC Holdings Limited. The investors in FBC Holdings were as listed in the table below, as of 31 December 2016.[6]

Shareholding in FBC Holdings Limited
Rank Shareholder Percentage Ownership
1 National Pension Scheme of Zimbabwe 35.13
2 Shorecap II Limited–NNR 7.31
3 Stanbic Nominees–NNR 5.21
4 Tirent Investments Private Limited 4.73
5 Cashgrant Investments Private Limited 4.11
6 Local Authorities Pension Fund 3.32
7 Stanbic Nominees Private Limited 3.24
8 FBC Holdings Limited 3.17
9 SCB Nominees 1.75
10 Vidryl International Private Limited 1.70
11 Others 30.33
Total 100.00

Branch network

FBC Bank maintains branches at the following locations:

  1. Head Office - 45 Nelson Mandela Avenue, Harare
  2. Samora Machel Avenue Branch - 76 Samora Machel Avenue, Harare
  3. Nelson Mandela Avenue Branch - 34 Nelson Mandela Avenue, Belvedere, Harare
  4. Msasa Branch - 104 Mutare Road, Msasa Industrial Area, Harare[7]
  5. FBC Private Bank Branch - 2 Lanark Road, Belgravia, Harare
  6. Southerton Branch - 11 Highfields Junction Shops, Southerton, Harare
  7. Bulawayo Branch - 108 Jason Moyo Avenue, Bulawayo
  8. International Airport Branch - Harare International Airport
  9. Mutare Branch - 50B Herbert Chitepo Street, Mutare
  10. Zvishavane Branch - Robert Mugabe Way, Zvishavane
  11. Kwekwe Branch - Robert Mugabe Way, Kwekwe
  12. Beitbridge Branch - NSSA Complex, Beitbridge
  13. Chitungwiza Branch - 197 Tilcor Township, Seke, Chitungwiza
  14. Victoria Falls Branch - Shops 4&5 Galleria Complex, Victoria Falls
  15. Bulawayo Private Bank Branch - 2nd Floor, FBC House, 108 Jason Moyo Avenue, Bulawayo
  16. Graniteside Branch - 1 Crawford Graniteside Off Seke Road Harare

See also

References

  1. ^ a b c FBC Holdings (28 March 2018). "FBC Holdings Limited: Audited Financial Results For The Year Ended 31 December 2017" (PDF). Harare: FBC Holdings Limited. Retrieved 14 May 2018.
  2. ^ a b c d Reserve Bank of Zimbabwe (14 May 2018). "Profile of FBC Bank Limited". Harare: Reserve Bank of Zimbabwe. Retrieved 14 May 2018.
  3. ^ Reserve Bank of Zimbabwe (14 May 2018). "List of Registered Banking Institutions". Harare: Reserve Bank of Zimbabwe. Retrieved 14 May 2018.
  4. ^ "Location of the Headquarters of FBC Bank Limited" (Map). Google Maps. Retrieved 4 May 2018.
  5. ^ Mullan, Laura. "How FBC Bank is disrupting the Zimbabwean banking sector with technological ingenuity". Gigabit Magazine. San Diego.
  6. ^ FBC Holdings (7 June 2017). "FBC Holdings Limited: Annual Report for the Year Ended 31 December 2016" (PDF). Harare: FBC Holdings Limited. Retrieved 15 May 2018.
  7. ^ Administrator (8 September 2010). "FBC Bank opens Msasa Branch – Another Milestone". Harare: Africa Business Communities Quoting Africa Banking Network. Retrieved 14 May 2018.
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