CBZ Bank Limited

From Wikipedia, the free encyclopedia
Jump to: navigation, search
CBZ Bank Limited
Private
Industry Financial Services
Founded 1980
Headquarters Harare, Zimbabwe
Key people
R.V.Wilde
chairman
J.P.Mangudya
chief executive officer[1]
Products Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages
Revenue Increase Aftertax:US$45 million (2012)
Total assets US$1.223 billion (2012)[2]
Number of employees
1,319 (2012)
Website www.cbzbank.co.zw

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

Overview[edit]

As of December 2012, the bank was the largest financial services provider in Zimbabwe, ahead of FBC Bank, Barclays Bank Zimbabwe, Stanbic Bank Zimbabwe and Standard Chartered Zimbabwe.[4][5] At that time, CBZ Bank's total assets were valued at over US$1.22 billion with shareholders' equity of approximately US$160.7 million.[6]

History[edit]

The 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.[7]

Ownership[edit]

According to the website of CBZ Bank, the major shareholders in the stock of the bank include the following, as of December 2012:[8] In August 2013, Zimbabwean press reports indicated that CBZ Holdings Limited was in the process of selling 10% shareholdings to other entities to raise working capital.[9]

Shareholding in CBZ Bank Limited[10]
Rank Shareholder Percentage Ownership
1 CBZ Holdings Limited 18.17
2 Government of Zimbabwe 16.08
3 Libyan Foreign Bank 14.12
4 National Social Security of Zimbabwe 10.78
5 African Investment Sub 2 Limited 6.84
6 Stanbic Nominees Limited 6.26
7 Gun Metal Investments Limited 2.09
8 Datvest Nominees Limited 1.96
9 Stanbic Nominees Limited NNR Bank of New York 1.94
10 Commercial Bank of Zimbabwe Employees Share Trust 1.17
11 Others 20.59
Total 100.00

CBZ Bank maintains a network of branches of more than 60 locations[11]

See also[edit]

References[edit]

External links[edit]