Press Release

Ecobank Zimbabwe Limited

Head Office
Borrowdale Office
Sam Levy Office Park
Block A, Piers Road
Borrowdale
Harare
Telephone: Tel: (4) 851642-49
Fax: (4) 851630

Website: www.ecobank.com

Postal Address: Same as H/O address

Type of bank: Commercial bank

Date of establishment: 10 November 2004

History

  • Commenced operations as Premier Banking Corporation Limited. This followed the conversion of its licence from a discount house, which had operated under the name Premier Discount House since October 2002.
  • A local consortium (consisting of Messrs George Manyere, Walter Kambwanji and Douglas Mamvura) acquired 28% shareholding in Premier Finance Group (PFG).
  •  ADC Financial Services and KMQ Enterprises jointly acquired 54% shareholding from founding shareholders thereby increasing the holding of shares by new shareholders, including the local Consortium, to 85%.
  • PFG successfully concluded a transaction with Ecobank Transnational Incorporated (ETI) that resulted in PFG (holding company) receiving $10 million in exchange for 70% shareholding in PFG and $7.8 million was received by PFG as part of the purchase consideration. The balance was transferred on 4 August 2011.
  • The bank changed its name from Premier Banking Corporation to Ecobank Zimbabwe Limited.
  • The bank converted its merchant bank license to commercial bank and commenced commercial banking business.
  • ADC Financial Services & Corporate Development swapped its 112,500,000 ordinary shares in Ecobank, in exchange for 87,200,000 ordinary shares in Brainworks Capital Management. The transaction resulted in Brainworks Capital Management increasing its shareholding in Ecobank from 25.34% to 29.39%.
  • Premier Finance Group Limited, holding company of Ecobank Zimbabwe Limited, changed its name to Ecobank Zimbabwe Holdings Limited.
  • In March 2015, ETI shareholding in Ecobank Zimbabwe Limited increased from 70% to 99.39% following acquisition of Brainworks Capital Management’s 29.39% shareholding in Ecobank Zimbabwe Holdings Limited (EZHL) for a purchase consideration of $12.5 million.

 

Ownership

  • Ecobank Transnational Incorporated       99.39%
  • Employee Share Trust                              0.61%

Chairman: Mr. David Alan Whatman

Phone: (263 4) 301579/301906/301986/(263)772241071
email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Managing Director: Mr. Daniel Sackey

Phone: (263)772142106
email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Auditors : PriceWaterhouseCoopers (PWC) Chartered Accountants

Number of employees: 166

Number of branches : 13

Ecobank Zimbabwe Limited

Head Office
Borrowdale Office
Sam Levy Office Park
Block A, Piers Road
Borrowdale
Harare
Telephone: Tel: (4) 851642-49
Fax: (4) 851630

Website: www.ecobank.com

Postal Address: Same as H/O address

Type of bank: Commercial bank

Date of establishment: 10 November 2004

History

  • Commenced operations as Premier Banking Corporation Limited. This followed the conversion of its licence from a discount house, which had operated under the name Premier Discount House since October 2002.
  • A local consortium (consisting of Messrs George Manyere, Walter Kambwanji and Douglas Mamvura) acquired 28% shareholding in Premier Finance Group (PFG).
  •  ADC Financial Services and KMQ Enterprises jointly acquired 54% shareholding from founding shareholders thereby increasing the holding of shares by new shareholders, including the local Consortium, to 85%.
  • PFG successfully concluded a transaction with Ecobank Transnational Incorporated (ETI) that resulted in PFG (holding company) receiving $10 million in exchange for 70% shareholding in PFG and $7.8 million was received by PFG as part of the purchase consideration. The balance was transferred on 4 August 2011.
  • The bank changed its name from Premier Banking Corporation to Ecobank Zimbabwe Limited.
  • The bank converted its merchant bank license to commercial bank and commenced commercial banking business.
  • ADC Financial Services & Corporate Development swapped its 112,500,000 ordinary shares in Ecobank, in exchange for 87,200,000 ordinary shares in Brainworks Capital Management. The transaction resulted in Brainworks Capital Management increasing its shareholding in Ecobank from 25.34% to 29.39%.
  • Premier Finance Group Limited, holding company of Ecobank Zimbabwe Limited, changed its name to Ecobank Zimbabwe Holdings Limited.
  • In March 2015, ETI shareholding in Ecobank Zimbabwe Limited increased from 70% to 99.39% following acquisition of Brainworks Capital Management’s 29.39% shareholding in Ecobank Zimbabwe Holdings Limited (EZHL) for a purchase consideration of $12.5 million.

 

Ownership

  • Ecobank Transnational Incorporated       99.39%
  • Employee Share Trust                              0.61%

Chairman: Mr. David Alan Whatman

Phone: (263 4) 301579/301906/301986/(263)772241071
email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Managing Director: Mr. Daniel Sackey

Phone: (263)772142106
email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Auditors : PriceWaterhouseCoopers (PWC) Chartered Accountants

Number of employees: 166

Number of branches : 13

Ecobank Zimbabwe Limited

Head Office
Borrowdale Office
Sam Levy Office Park
Block A, Piers Road
Borrowdale
Harare
Telephone: Tel: (4) 851642-49
Fax: (4) 851630

Website: www.ecobank.com

Postal Address: Same as H/O address

Type of bank: Commercial bank

Date of establishment: 10 November 2004

History

  • Commenced operations as Premier Banking Corporation Limited. This followed the conversion of its licence from a discount house, which had operated under the name Premier Discount House since October 2002.
  • A local consortium (consisting of Messrs George Manyere, Walter Kambwanji and Douglas Mamvura) acquired 28% shareholding in Premier Finance Group (PFG).
  •  ADC Financial Services and KMQ Enterprises jointly acquired 54% shareholding from founding shareholders thereby increasing the holding of shares by new shareholders, including the local Consortium, to 85%.
  • PFG successfully concluded a transaction with Ecobank Transnational Incorporated (ETI) that resulted in PFG (holding company) receiving $10 million in exchange for 70% shareholding in PFG and $7.8 million was received by PFG as part of the purchase consideration. The balance was transferred on 4 August 2011.
  • The bank changed its name from Premier Banking Corporation to Ecobank Zimbabwe Limited.
  • The bank converted its merchant bank license to commercial bank and commenced commercial banking business.
  • ADC Financial Services & Corporate Development swapped its 112,500,000 ordinary shares in Ecobank, in exchange for 87,200,000 ordinary shares in Brainworks Capital Management. The transaction resulted in Brainworks Capital Management increasing its shareholding in Ecobank from 25.34% to 29.39%.
  • Premier Finance Group Limited, holding company of Ecobank Zimbabwe Limited, changed its name to Ecobank Zimbabwe Holdings Limited.
  • In March 2015, ETI shareholding in Ecobank Zimbabwe Limited increased from 70% to 99.39% following acquisition of Brainworks Capital Management’s 29.39% shareholding in Ecobank Zimbabwe Holdings Limited (EZHL) for a purchase consideration of $12.5 million.

 

Ownership

  • Ecobank Transnational Incorporated       99.39%
  • Employee Share Trust                              0.61%

Chairman: Mr. David Alan Whatman

Phone: (263 4) 301579/301906/301986/(263)772241071
email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Managing Director: Mr. Daniel Sackey

Phone: (263)772142106
email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Auditors : PriceWaterhouseCoopers (PWC) Chartered Accountants

Number of employees: 166

Number of branches : 13

About Filler

Subsidiaries

The subsidiaries of the Bank and their main activities are listed below:-

Fidelity Printers and Refiners (Private) Limited

  • printers of currency and securities.
  • gold refining.

Aurex (Private) Limited

  • production of gold jewellery
  • beneficiation  of gold and diamonds.

Export Credit Guarantee Corporation

  • insures Zimbabwe’s exports.
  • insures domestic business

Homelink (Private) Limited

  • mobilises foreign currency from Zimbabweans in the diaspora.
  • Supports funding of projects
  • Provides housing facilities

Zimbabwe Asset Management Corporation (ZAMCO) (Private) Limited

  • Strengthening of financial services institutions’ balance sheets through taking over non-performing loans in the sector with the aim of recovering the loans from the counterparts on behalf of the financial institutions.
  • Restructuring and resuscitating companies

Fintrust Pension Fund

  • Administering the pension funds for Reserve Bank of Zimbabwe and its subsidiaries
  • Ensuring that the value of the Fund is preserved by monitoring strategies of asset managers

Approval Requirements

Minimum Requirements for a Retail Service Payment Systems Provider

Entities or individuals wishing to register and operate a payment systems switch or such products and services should comply with the RBZ Act [22:15], NPS Act [Chap24:23], Banking Act [24:20], BUP and SML Act [Chap24:24].

Below are additional requirements that should be provided and fulfilled before conducting any operation.


1.    Corporate Governance Issues

  1. Beneficial /Ownership structure
  2. Memorandum and Articles of Association.
  3. Adequate Capital Amount
  4. Net worth statements for directors
  5. Director clearance by Police and credit rating bureau
  6. Organizational structure and proposed names of key office holders
  7. Board and Senior Management profiles

2.    Business Plan

  1. Objectives and mission statement
  2. Business case
  3. System Technology / The system functionalities/process flow
  4. Market Analysis
  5. Financials
  6. Viability and projections


3.    Comprehensive Risk Management Framework

  1. Identify all pertinent risks
  2. Measurement
  3. Mitigating measures
  4. Transactions limits
  5. Controls


4.    Agreements

  1. Service level agreements
  2. Contractual agreements with third parties signed


5.    Clearing and Settlement Modalities

  1. Clearing arrangements
  2. Settlement procedures and processes
  3. Collateral
  4. Rules and procedures
  5. Third party entry and access criteria


6.    Policies and Procedures

  1. Pricing policy
  2. Conflict resolution policy
  3. Customer protection issues
  4. Customer due diligence procedures
  5. AML Policy



7.    Anti-money laundering Requirements(AML)  

  1. ML/TF risk assessment
  2. Beneficial ownership
  3. Politically exposed persons
  4. Customer Due Diligence:
     - Know your customer/employee/customer/agent/partner
  5. Record keeping
  6. Continuous risk assessment of new and existing technological products
  7. Suspicious transaction report
  8. Third parties service level agreements and due diligence


8.    Systems Integrity and Audit Report

  1. System design and architecture
  2. System providers
  3. Capacity and reliability of the system
  4. Pilot tests results


9.    Special requirements for Cross Border payments

  1. Compliance with Exchange Control law
  2. Regulatory Certificate of good standing from country of origin (foreign entity)


10.    Application fees will be guided accordingly from time to time.

11.    NB.

  1. Non banking institutions should partner with a bank of their choice and ensure that the application is submitted through the same bank.
  2. In addition, no pilot tests or live launch of the product should be done without the requisite regulatory approval.