CBZ Bank Limited

Last updated

CBZ Bank Limited
Company typePrivate
Industry Financial services
Founded1980;44 years ago (1980)
Headquarters Harare, Zimbabwe
Key people
R.V.Wilde
Chairman
J.P.Mangudya
CEO
ProductsLoans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages
RevenueIncrease2.svg Aftertax:US$24.04 million (2017) [1]
Total assets US$1.991 billion (2017) [1]
Number of employees
923 (2014) [2]
Website www.cbzbank.co.zw

CBZ Bank Limited, also CBZ Bank, is a commercial bank in Zimbabwe. It is one of the financial services institutions licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator. [3]

Contents

Location

The headquarters and main branch of the bank are located on the 3rd Floor of Union House, at 60 Kwame Nkrumah Avenue, in downtown Harare, the capital and largest city in Zimbabwe. [2] The geographical coordinates of the bank's headquarters are: 17°49'40.0"S, 31°02'55.0"E (Latitude:-17.827778; Longitude:31.048611). [4]

Overview

As of December 2017, the bank was the largest financial services provider in Zimbabwe, ahead of FBC Bank, Barclays Bank Zimbabwe, Stanbic Bank Zimbabwe and Standard Chartered Zimbabwe. At that time, CBZ Bank's total assets were valued in excess of US$1.992 billion with shareholders' equity of US$188.11 million. [1]

History

The bank was founded in 1980 as the Bank of Credit and Commerce Zimbabwe Limited (BCCZL). In 1991, BCCZL ran into financial difficulty and faced liquidation. The Government of Zimbabwe acquired 100% shareholding in the bank to avert closure of the institution. Following takeover by the government, the bank was renamed Commercial Bank of Zimbabwe Limited. In 2004, bank was re-organized and renamed CBZ Bank Limited . CBZ Bank Limited became a subsidiary of CBZ Holdings Limited, whose shares are traded on the Zimbabwe Stock Exchange. In the second quarter of 2010, CBZ Bank merged its operations with those of CBZ Building Society, a process that required regulatory approval. The Reserve Bank of Zimbabwe approved the merger in October 2012 and the process was concluded in February 2013. [2]

Ownership

According to the December 2017 Annual Report of the CBZ Holdings Limited (CBZ Group), whose shares of stock are traded on the Zimbabwe Stock Exchange, the major shareholders in the Group were as listed in the table below: [1]

Shareholding in CBZ Bank Group Limited
RankShareholderPercentage Ownership
1 CBZ Holdings Limited 24.58
2 Government of Zimbabwe 16.01
3 Libyan Foreign Bank 14.06
4National Social Security Authority of Zimbabwe 11.71
5PIM Nominees (Private) Limited6.70
6 Old Mutual Life Association Company Zimbabwe Limited 5.45
7 Stanbic Nominees (Private) Limited–NNR4.34
8PIM Nominees–NNR1.72
9SCB Nominees1.53
10 Stanbic Nominees (Private) Limited 1.42
11Others12.48
Total100.00

Branches

As of 30 June 2014, CBZ Bank Limited maintained a network of branches at 66 locations in all major urban centres of Zimbabwe. [2]

See also

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References

  1. 1 2 3 4 CBZ Bank (15 March 2018). "Annual Report for the Year Ended 31 December 2017". Harare: CBZ Bank Limited. Archived from the original on 14 May 2018. Retrieved 13 May 2018.
  2. 1 2 3 4 Reserve Bank of Zimbabwe (30 June 2014). "Profile of CBZ Bank Limited". Harare: Reserve Bank of Zimbabwe. Retrieved 13 May 2018.
  3. ↑ Reserve Bank of Zimbabwe (13 May 2018). "List of Registered Banking Institutions". Harare: Reserve Bank of Zimbabwe . Retrieved 13 May 2018.
  4. ↑ Google (13 May 2018). "Location of the headquarters of CBZ Bank Limited" (Map). Google Maps . Google. Retrieved 13 May 2018.
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