NMB Bank Limited

Last updated

NMB Bank Limited
Company typePrivate
LSE:  NMB
Industry Financial services
Founded1993;32 years ago (1993)
Headquarters19207 Borrowdale Road, Borrowdale, Harare.
Key people
Pearson Gowero
Chairman
Gerald Gore
Chief Executive Officer
Products Loans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages
RevenueIncrease2.svgAftertax:US$10.3 million (2017) [1]
Total assets US$422.6 million (2017) [1]
Number of employees
425 (2024) [2]
Website Homepage

NMB Bank Limited, previously known as National Merchant Bank of Zimbabwe Limited, is a commercial bank in Zimbabwe. It is licensed by the Reserve Bank of Zimbabwe, the central bank of that country and the national banking regulator. [3]

Contents

Location

The headquarters of this bank and its main branch, are located at 19207 Liberation Legacy Way (formerly Borrowdale Road), Borrowdale, in Harare, the capital and largest city of Zimbabwe. The bank has 14 branches across Zimbabwe as well as over agents in over 130 locations making it the bank with the largest footprint in the country.

Overview

The bank is a medium-sized financial services institution, that serves large corporations, small to medium enterprises (SMEs), as well as individuals. As of December 2017, the bank's total assets were valued at US$422.6 million, with shareholders' equity valued at US$65.65 million. [1]

History

NMB Bank Limited was founded in 1993 by Zimbabweans. At that time it was under the name National Merchant Bank of Zimbabwe. In June 1993, the bank was registered as an accepting house under the Banking Act. In 1997, the NMBZ Group was listed on the Zimbabwe Stock Exchange and simultaneously on the London Stock Exchange. In December 1999, NMB Bank was granted a commercial banking licence. It commenced commercial banking services in July 2000. [2] [4] [5]

In 2013, FMO, Norfund and AfricInvest, jointly invested US$14.8 million in NMB Holdings Limited, the parent company of NMB Bank, for a collective shareholding of 27 percent. [6]

Ownership

The bank is a 100% subsidiary of NMBZ Holdings Limited (NMBZ), a Zimbabwean investment and holding company. NMB Bank Limited is the principal subsidiary of NMBZ. The stock of the holding company is listed on the Zimbabwe Stock Exchange and on the London Stock Exchange. As of December 2017, the shareholding in the stock of the holding company is as illustrated in the table below: [1]

Shareholding in NMB Holdings Limited
RankShareholderPercentage Ownership
1African Century Financial Investments Limited18.50
2Arise BV*17.96
3 AfricInvest Financial Sector Holding 8.38
4Old Mutual Life Assurance Company of Zimbabwe Limited7.45
5Old Mutual Zimbabwe Limited6.90
6Lalibela Limited5.59
7Alsace Trust4.39
8Cornerstone Trust4.38
9Wamambo Investments Trust3.52
10Drakmore Investments Private Limited2.85
6Others19.49
Total100.00

Branch network

As of December 2024, the bank maintained a network of 14 branches. [1]

See also

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References

  1. 1 2 3 4 5 NMB Holdings Limited (14 March 2018). "NMB Holdings Limited Audited Annual Report for the Year Ended 31 December 2017". Harare: NMB Holdings Limited. Retrieved 15 May 2018.
  2. 1 2 Reserve Bank of Zimbabwe (9 May 2018). "Profile of NMB Bank Limited". Harare: Reserve Bank of Zimbabwe . Retrieved 15 May 2018.
  3. ↑ Reserve Bank of Zimbabwe (15 May 2018). "List of Registered Banking Institutions". Harare: Reserve Bank of Zimbabwe . Retrieved 15 May 2018.
  4. ↑ NMB Bank Limited (15 May 2018). "About NMB Bank Limited". Harare: NMB Bank Limited. Retrieved 15 May 2018.
  5. ↑ Omen Muza (20 June 2013). "NMB Bank Limited @20". Newsday . Harare. Retrieved 15 May 2018.
  6. ↑ Financial Gazette Reporter (11 April 2013). "Zimbabwe: NMB Meets June 2013 Capital". The Financial Gazette . Harare. Retrieved 15 May 2018.
  7. ↑ Staff Writer (14 February 2017). "Europe's Arise BV hits ground running with CAL Bank acquisition". Asokoinsight.com. Retrieved 15 May 2018.
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