Ecobank Zimbabwe Limited

Head Office Address:

Borrowdale Office

Sam Levy Office Park

Block A, Piers Road

Borrowdale

Harare

Telephone: Tel: +263-242-851642/49

Fax: +263-242-851630

Website: www.ecobank.com

Postal Address: Same as above

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.

ETI shareholding in Ecobank Zimbabwe Limited increased from 99.39% to 100% following acquisition of Ecobank Share Ownership Trust’s 0.32% shareholding for a purchase consideration of $261,270.

Ownership:

Ecobank Transnational Incorporated       100%

Chairman:    Mr. Fortunate Chisango

Managing Director:    Mr. Moses Kurenjekwa

Auditors :    Deloitte Zimbabwe

Number of employees: 181

Number of branches: 12