Operating Banking Institutions
CBZ Bank Limited
3rd Floor Union House,
60 Kwame Nkrumah Avenue,
Telephone: +263 4 748050-79/ 780880-4
Fax: +263 4 755136
Telex: 24245 or 22424 CBZ ZW
P. O. Box 3313,
Type of bank: Commercial Bank
Date of establishment: January 1998
- CBZ Bank Limited is wholly owned by CBZ Holdings Limited, a locally incorporated company listed on the Zimbabwe Stock Exchange. CBZ was founded when the Government of Zimbabwe took over the defunct Bank of Credit and Commerce in 1991. The government assumed a 100% ownership of the bank. Following privatization and subsequent listing on the Zimbabwe Stock Exchange in 1998, the bank made a rights issue as part of its recapitalisation programme the resulted in the dilution of government ownership.
- ABSA which previously owned 24.093%, of the issued capital of CBZ Holdings Limited (CBZH), disposed of its shareholding following the majority acquisition of the ABSA group. The sale was in line with the CBZH Share consolidation (share buyback scheme) which was approved by shareholders of CBZH at an extra ordinary general meeting held on 14 November 2006. Consequent to the share buyback, the technical support agreement between ABSA Bank and CBZ Bank was cancelled and ABSA’s nominated directors to the boards of CBZH and CBZ Bank resigned.
- In 2008 Africa Investments Sub2 Limited, Renaissance Capital’s investment vehicle, acquired an additional 5% shareholding in CBZ Holdings Limited resulting in the institution becoming the second largest shareholder, with a total shareholding of 14.98% in CBZ Holdings Limited. In 2013, Africa Investments SUB 2 Limited disposed of its shareholding of 14.98% in CBZ Holdings on the market. Further, the institution sold its shares held for treasury purposes to a Malaysian investor Safari Quantum Investments. Safari Quantum now holds 9.99% shareholding in CBZ following acquisition of additional 1.99% from the market.
- The institution merged its operations with those of CBZ Building Society in a bid to rationalize costs, in the quarter ended 30 June 2010. As a result, CBZ Building Society is now a division within the bank. The Reserve Bank approved the legal amalgamation of the bank and the society in October 2012. Following divisionalisation of the society into the operations of CBZ Bank and the approval by Reserve Bank of the legal amalgamation of the bank and the society, CBZ Holdings was granted approval by the Financial Services Authority (FSA) in February 2013 to liquidate Forestdale, the immediate parent company of CBZ Building Society.
- The Reserve Bank‘s Exchange Control Division authorised acquisition of Forestdale shares by CBZ Holdings and the subsequent liquidation of Forestdale. The acquisition of Forestdale shares and its subsequent liquidation will result in CBZ Holdings having direct shareholding in CBZ Building Society and this will facilitate surrendering of the building society licence to the Reserve Bank for cancellation.
Ownership: CBZ Bank is a wholly owned subsidiary of CBZ Holdings Limited a diversified financial organisation listed on the Zimbabwe Stock Exchange. The shareholding structure of CBZ Holdings as at 30 June 2014 was as follows:
Shareholder % Shareholding
CBZ Holdings (Treasury Shares) 21.64%
Government of Zimbabwe 16.01%
Libyan Arab Foreign Bank 14.06%
Stanbic Nominees (various local shareholders listed on ZSE) 13.26%
National Social Security Authority 11.21%
PIM Nominees (various local shareholders listed on ZSE) 4.95%
Standard Chartered Nominees (various shareholders listed on ZSE) 1.22%
Krohne Fund LP 1.69%
Local Authorities Pension Fund 1.02%
Datvest Nominees (various shareholders listed on ZSE) 0.57%
Total Top Ten Shareholders 85.63%
Chairman: Mr. Elliot Mugamu
Chief Executive Officer: Mr. Peter Zimunya
Auditors : Deloitte Chartered Accountants
Number of employees: 923
Number of branches : 66