Allied Bank Zimbabwe Limited

For Allied Bank, the Philippines, see Allied Banking Corporation. For Allied Bank, Pakistan, see Allied Bank Limited.
Allied Bank Zimbabwe Limited
ABZL
Private
Industry Financial Services
Founded 2005
Headquarters 8th Floor, ZB Life Towers
Sam Nujoma Street
at Jason Moyo Avenue
Harare, Zimbabwe
Key people
 Florence Gowora
Chief Executive Officer
Products Loans, Checking, Savings, Investments, Debit Cards
Total assets US$40 million (H1:2012)
Number of employees
 304 (2011)
Website Homepage

Allied Bank Zimbabwe Limited, commonly known simply as Allied Bank, is a commercial bank in Zimbabwe. It is one of the commercial banks in the country, licensed by the Reserve Bank of Zimbabwe, the national banking regulator.[1] The bank handed over its license to the regulator who subsequently cancelled it on 8 January 2015 after determining that the bank was "no longer in a safe and sound condition, grossly undercapitalised and facing chronic liquidity challenges" (http://www.herald.co.zw/rbz-cancels-allied-bank-licence/)

Overview

The bank is a small financial services provider in Zimbabwe, serving large corporations, small-to-medium enterprises (SMEs), as well as individuals. As of June 2012, its total asset valuation was quoted at US$40 million. At that time its shareholder's equity was estimated at US$18 million.[2]

History

Allied Bank was established in 2005 as Zimbabwe Allied Banking Group (ZABG). At that time, the assets and some of the liabilities of Barbican Bank Limited, Trust Banking Corporation and Royal Bank Zimbabwe were merged to form ZABG. The three banks were in financial distress at the time. In September 2010, the RBZ reversed itself and re-issued the commercial banking licenses of the three banks that had been closed. ZABG also retained its banking license. In February 2013, ZABG rebranded to its current name.[3]

Ownership

The shares of stock of Allied Bank are privately held by corporate entities, as illustrated in the table below:[4]

Allied Bank Zimbabwe Limited Stock Ownership
Rank Name of OwnerPercentage Ownership
1Allied Fund of Mauritius75.0
2Trebor & Khays of Zimbabwe25.0
Total100.00

Branch Network

As of October 2013, ZABG maintains its headquarters on the 8th Floor, ZB Life Towers, Sam Nujoma Street at Jason Moyo Avenue, in Harare, Zimbabwe's capital and largest city. As of December 2011, the bank maintained 22 networked branches in all parts of the country.[5] At the time, the bank's customers exceeded 50,000.[6]

Governance

The Managing Director of the bank is Florence Gowora.

See also

References

  1. ↑ List of Licensed Commercial Banks In Zimbabwe
  2. ↑ June 2012 Financial Data
  3. ↑ ZABG Rebrands To Allied Bank
  4. ↑ New Shareholding In Allied Bank Zimbabwe
  5. ↑ Branches of ZABG
  6. ↑ ZABG With Twenty Two Branches In 2011

External links

  1. ↑
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