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Afrasia Bank Zimbabwe Limited

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Afrasia Bank Zimbabwe Limited
Company typePrivate
IndustryFinancial services
Founded1997 (1997)
Defunct2015; 9 years ago (2015)
FateClosed its banking services in Zimbabwe and moved to Mauritius
Headquarters,
Key people
Sibusisiwe Bango (Group Chairman)[1]
ProductsLoans, Checking, Savings, Investments, Debit Cards
RevenueUS$3.3 million (2012)
Total assetsUS$201 million (2012)
ParentAfrAsia Bank Limited
Websitewww.afrasiabank.com

Afrasia Bank Zimbabwe, was a commercial bank in Zimbabwe that was a subsidiary of AfrAsia Bank Limited. It was one of the regulated banking institutions licensed by the Reserve Bank of Zimbabwe, the country's central bank and national banking regulator.[2]

The bank stopped providing banking services in Zimbabwe in 2015 and the central bank cancelled its license soon afterwards. The bank moved its operations to its parent in Mauritius.[3]

History

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The bank was established in 1997, as Kingdom Bank Zimbabwe Limited, by Lysias C Sibanda, Frank Kufa, Nigel Chanakira and Solomon Mugavazi. In January 2012, AfrAsia Bank Limited, a financial services provider, based in Mauritius, invested US$9.5 million in the bank's holding company, thereby acquiring 35% ownership in the Zimbabwean financial group.[4]

Until September 2013, the bank was a subsidiary of Kingdom Financial Holdings Limited (KFHL), a publicly traded company on the Zimbabwe Stock Exchange. In 2013, due to changes in ownership, KFHL rebranded to AfrAsia Zimbabwe Holdings Limited (AZHL). The 35.7% shareholding that the holding company previously held in Kingdom Africa Bank Limited, an investment bank in Botswana, was disposed of in September 2013.[5]

In 2015 AfrAsia Bank Zimbabwe ceased its banking operations in the country to refocus on profitable business lines. James Benoit, CEO of AfrAsia Bank, said: "The difficulties that AfrAsia Bank Zimbabwe was facing arose primarily from legacy issues within the bank and the difficult economic environment within the country."

Subsidiaries

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The AfrAsia Bank Zimbabwe Group included the following bank subsidiaries:[6]

  1. AfrAsia Capital Management (Private) Limited
  2. MicroKing Finance Limited - A microfinance company

Shareholding

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As of October 2013, shareholding in the stock of the bank, is as depicted in the table below:[7][8]

Afrasia Bank Zimbabwe Limited Stock Ownership
Rank Name of Owner Percentage Ownership
1 AfrAsia Bank Limited of Mauritius 54.0
2 Others 46.0
Total 100.00

See also

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References

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  1. ^ Sibusisiwe Bango Is Group Chairman
  2. ^ List of Registered Banking Institutions In Zimbabwe Archived 2012-04-17 at the Wayback Machine
  3. ^ "AfrAsia Bank ceases banking operations in Zimbabwe". Africa Global Funds. 4 March 2015.
  4. ^ "Zimbabwe: Kingdom Seals Deal With AfrAsia Bank Bank". The Herald (Harare). 24 January 2012. Retrieved 6 September 2017.
  5. ^ Nigel Chanakira Sells His 30% Stake In Afrasia Kingdom Zimbabwe
  6. ^ Moyo, Roman (30 November 2013). "Zimbabwe: New Era for AfrAsia Zimbabwe Group". New Zimbabwe (London). Retrieved 6 September 2017.
  7. ^ "Zimbabwe: Chanakira Gets U.S $12 Million for Kingdom Exit". New Zimbabwe (London). 22 October 2013. Retrieved 6 September 2017.
  8. ^ "AfrAsia ups Kingdom stake | The Herald". www.herald.co.zw. Retrieved 6 September 2017.