CFX Bank

Last updated
CFX Bank
Type Public: ZSE: INTERFIN
Industry Financial services
Founded2006
Headquarters Harare, Zimbabwe
Products Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages
Website www.cfxbank.co.zw

CFX Bank, whose full name is CFX Bank Limited, was a commercial bank in Zimbabwe. It was one of the licensed commercial banks in the country. [1]

Contents

History

The bank was founded in 2006, as a 100% subsidiary of CFX Financial Services Limited, its holding company, whose shares trade on the Zimbabwe Stock Exchange. The bank has two (2) affiliated companies: (a) CFX Asset Management and (b) CFX Merchant Bank, both of which are also 100% owned by the holding company. [2] In 2009, as a result of changes in Zimbabwean banking laws, Interfin Holdings Limited, acquired a controlling interest in CFX Financial Services. Subsequently, the holding company was renamed Interfin Financial Services Limited, to reflect the new ownership. The trading symbol for the new bank holding company is: INTERFIN. [3] The Government of Zimbabwe has given formal approval of the takeover of CFX Bank by Interfin. [4] The Reserve Bank of Zimbabwe has also signaled its approval of the merger of the two institutions. [5]

Ownership

CFX Bank was a publicly traded company. The shares of stock of its holding company, Interfin Financial Services Limited are listed on the Zimbabwe Stock Exchange, where they trade under the symbol: INTERFIN. [6] An ownership dispute exists, with the former director of ENG Capital Group claiming that assets were illegally acquired by CFX Bank [7]

The five largest shareholders of record in INTERFIN and thus CFX Bank are: [8]

RankName of ownerPercentage ownership
1Interfin Holdings Limited32.41
2Savanna Tobacco Limited19.10
3National Social Security Authority of Zimbabwe 17.31
4Msasa Nominees (Pty) Limited06.00
5AFS04.99
6Others20.19
Total100.00

See also

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References

  1. ↑ Mpofu, Bernard (2010-09-17). "Zimbabwe: Return of Banks Will Lead to Dog Fight - Tetrad". Zimbabwe Independent (Harare). Retrieved 2017-09-06.
  2. ↑ About CFX Bank Archived 2011-07-09 at the Wayback Machine
  3. ↑ Madera, Bright (2010-09-27). "Zimbabwe: Local Investor Snaps Up 19 Percent in Interfin". The Herald (Harare). Retrieved 2017-09-06.
  4. ↑ Government Approves CFX's Takeover By Interfin
  5. ↑ Kadzere, Martin (2010-11-18). "Zimbabwe: Interfin, Cfx Union Approved". The Herald (Harare). Retrieved 2017-09-06.
  6. ↑ Interfin Financial Services Trades Under Symbol: INTERFIN Archived 2010-12-25 at the Wayback Machine
  7. ↑ "Ex-ENG director seeks de-specification". NewsDay. 2011-01-04.
  8. ↑ Madera, Bright (2010-09-27). "Zimbabwe: Local Investor Snaps Up 19 Percent in Interfin". The Herald (Harare). Retrieved 2017-09-06.
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