CBZ Bank Limited

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

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

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

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
1CBZ Holdings Limited18.17
2Government of Zimbabwe16.08
3Libyan Foreign Bank14.12
4National Social Security of Zimbabwe10.78
5African Investment Sub 2 Limited 6.84
6Stanbic Nominees Limited6.26
7Gun Metal Investments Limited2.09
8Datvest Nominees Limited1.96
9Stanbic Nominees Limited NNR Bank of New York1.94
10Commercial Bank of Zimbabwe Employees Share Trust1.17
11Others 20.59
Total 100.00

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

See also

References

  1. ↑ Key People At CBZ Bank Limited
  2. ↑ Audited December 2012 Financial Report
  3. ↑ List of Licensed Commercial Banks In Zimbabwe Archived 17 April 2012 at the Wayback Machine.
  4. ↑ Big Banks Get A Lifeline
  5. ↑ CBZ Bank Rules The Roost
  6. ↑ December 2012 Financial Data
  7. ↑ History Of CBZ Bank
  8. ↑ Shareholding in CBZ Bank
  9. ↑ CBZ Finds New Investors
  10. ↑ CBZ Top 50 Shareholders
  11. ↑ Branches of CBZ Bank

External links

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