NMB Bank Limited

Not to be confused with NMB Bank Nepal, a commercial bank in Nepal

NMB Bank Limited
Private
Industry Financial Services
Founded 1992
Headquarters Harare, Zimbabwe
Key people
 Tendayi N. Mundawarara
Chairman
James Mushore
Chief Executive Officer
Products Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages
Revenue IncreaseAftertax:US$7.57 million (2012)
Total assets US$230+ million (2013)[1]
Number of employees
 303 (2012)
Website Homepage

NMB Bank Limited, previously known as National Merchant Bank of Zimbabwe Limited, is a commercial bank in Zimbabwe. It is one of the commercial banks licensed by the Reserve Bank of Zimbabwe, the central bank of that country and the national banking regulator.[2]

Overview

The bank is a medium-sized financial services institution, that serves large corporations, small to medium enterprises (SMEs), as well as individuals. It maintains over a dozen offices in Zimbabwe. As of December 2012, the bank's total assets were valued at US$226.53 million, with shareholders' equity valued at US$30.94 million.[3] The shareholders' equity had increased to US$45.74 million by April 2013, following the injection of US$14.8 in new equity investments by AfricInvest, Norfund and Netherlands Development Finance Company (FMO).[4]

History

NMB Bank Limited was founded in 1992 by Zimbweans. At that time it was under the name National Merchant Bank of Zimbabwe. In June 1993, the bank was registered as an accepting house under the Banking Act. In 1997, the NMBZ Group was listed on the Zimbabwe Stock Exchange and simultaneously on the London Stock Exchange. In December 1999, NMB Bank was granted a commercial banking licence. It commenced commercial banking services in July 2000.[5][6]

Ownership

The bank is a 100% subsidiary of NMBZ, a Zimbabwean investment and holding company. NMB Bank Limited is the principal subsidiary of NMBZ. The stock of the holding company is listed on the Zimbabwe Stock Exchange and on the London Stock Exchange. During the first quarter of 2013, the bank admitted three new International investors, raising US$16 million in new capital, in order to meet new capital requirements as directed by the Reserve Bank of Zimbabwe. Following those developments, the five largest investors in the stock of the holding company include the following:[7]

Shareholding in NMBZ Holdings Limited
Rank Shareholder Percentage Ownership
1African Century Financial Investments Limited 17.05
2Old Mutual Zimbabwe Limited14.79
3AfricInvest8.38
4Norfund8.38
5Netherlands Development Finance Company (FMO)8.38
6 Others43.02
Total 100.00

Branch network

As of October 2013, the bank maintains a network of branches at the following locations:[8]

  1. Main Branch - First Floor, Unity Court, Kwame Nkrumah Avenue at First Street, Harare
  2. Angwa City Branch - Mezzanine Floor, Angwa City, Kwame Nkrumah Avenue at Angwa Street, Harare
  3. Avondale Branch - PaSangano Complex, 20 King George Road, Harare
  4. Borrowdale Branch - Shop 37, 38 Sam Levy’s Village, Borrowdale, Harare
  5. Electronic Banking Branch - Ground Floor, Unity Court, Kwame Nkrumah Ave at First Street, Harare
  6. Corporate Banking Branch - 9 Plymouth Road, Southerton, Harare
  7. Eastgate Branch - Ground Floor, Eastgate Shopping Centre, Robert Mugabe Road at Second Street, Harare
  8. Joina City Branch - Shop No 15, Upper Ground Floor, Inez Terrace at Jason Moyo Avenue, Harare
  9. Msasa Branch - 77 Amby Drive, Msasa, Harare
  10. Southerton Branch - 9 Plymouth Road, Southerton, Harare
  11. Bulawayo Branch - NMB Centre, George Silundika Avenue at Leopold Takawira Street, Bulawayo
  12. Gweru Branch - 36 Robert Mugabe Road, Gweru
  13. Mutare Branch - Embassy Building, 64 Second Street at Aerodrome Road, Mutare

See also

References

  1. ↑ Estimated Total Assets In Q1:2014
  2. ↑ List of Licensed Commercial Banks in Zimbabwe
  3. ↑ Audited December 2012 Financial Statement
  4. ↑ NMB Bank Meets June Capital Requirements
  5. ↑ History of NMB Bank Limited
  6. ↑ Detailed NMB Bank Limited Developmental Milestones For Past 20 Years
  7. ↑ Shareholding In NMBZ Holdings In October 2013
  8. ↑ List of NMB Bank Branches
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