Operating Banking Institutions
BancABC Bank Limited
African Banking Corporation of Zimbabwe Limited
1 Endeavour Crescent
Mount Pleasant Business Park
Telephone: +263 4 369260/ 338001/9
Fax: +263 4 369932
P. O. Box 2786,
Type of bank: Commercial Bank
Date of establishment: 1999
- ABCH was formed in 1999 by various sponsors who previously owned separate business interests in various small to medium sized banking and financial institutions throughout Southern and Central Africa.
- ABCH then entered into a series of share swap offers in 2000, made to the shareholders of FMB Holdings Limited, UDC Holdings Limited, EDFUND, the Bard Group of Companies and ULC Botswana.
- The share swaps culminated in a primary listing of ABCH on the Botswana Stock Exchange and a secondary listing on the Zimbabwe Stock Exchange on 19 September 2000.
- First Merchant Bank Limited, which had been operating as an Accepting House in Zimbabwe since 1956, under the ownership of FMB Holdings was re-branded African Banking Corporation of Zimbabwe Limited in 2001.
- In 2006, the shareholders of ABCH resolved to merge the operations of ABC Asset Finance Limited and ABC Securities Limited into the merchant bank i.e. ABC Bank. The merger of the subsidiaries was based on the need to meet the minimum regulatory capital requirement for merchant banks.
- On 27 April 2009, the bank announced its re-branding to BancABC following Reserve Bank approval.
- On 1 December 2009, the bank commenced commercial banking business by opening its first commercial banking branch (Heritage House), after a pre-opening inspection by the Reserve Bank of Zimbabwe.
Ownership: 100% owned by Atlas Mara
Chairman: Alvord Mabhena
Chief Executive Officer: Joseph Sibanda
Auditors : KPMG Chartered Accountants
Number of employees: 457
Number of branches: 27