Cavmont Bank

Cavmont Bank
Public: LuSE: CCHZ
Industry Financial Services
Founded 2004
Headquarters Plot 2374
Thabo Mbeki Road
Lusaka, Zambia
Key people
 Guy Phiri
Chairman
Charles B Carey
Chief Executive Officer[1]
Chilunga Puta-Dunham
Head Communications and Customer Services
Products Loans, Checking, Savings, Foreign & Local Currency Investments, Debit Cards, Online Banking & ePayments, ATMs
Revenue Decrease Aftertax: US$2.57+ million (ZMK:12.84 billion) (2011)
Total assets US$64 million (ZMK:319.5 billion) (2011)
Number of employees
 247 (2014 - Q2)
Website Homepage

Cavmont Bank Limited is a registered commercial bank in Zambia. It is one of the commercial banks in the country, licensed by the Bank of Zambia, the national banking regulator.[2]

Overview

CBL provides an array of banking services including in the areas of community banking, retail banking, investment,and corporate banking. As of December 2011, the bank was a retail bank with total assets valued at approximately US$64 million (ZMK:319.5 billion), with shareholders' equity of approximately US$2.7 million (ZMK:13.6 billion).[3] The bank employs a total of 247 professionals as of Q2 - 2014.

History

Cavmont Bank Ltd (CBL) is a Registered Commercial bank in Zambia with more than 50,000 clients and 247 employees. The Bank was established on 1 January 2004, following a merger between Cavmont Merchant Bank Ltd, (inc. October 1992), and New Capital Bank Plc., (inc. June 1992). In 2006 the Bank's holding company, Cavmont Capital Holdings Zambia Plc (CCHZ), sought a strategic investment partner and identified Capricorn Investment Holdings Limited (CIH). CIH acquired a 44.2% shareholding in CCHZ in 2007.

Discussions held with the Bank of Zambia to find an acceptable manner to recapitalize Cavmont Bank through a rights issue by CCHZ were concluded successfully, with CIH underwriting the rights issue. Consequently, CCHZ raised additional share capital of more than K15.4 billion in 2007 and the repositioning of Cavmont Bank commenced.[4]

Cavmont Bank Limited shareholders support a capital plan for a local bank. Cavmont Bank is a fully capitalised Zambian financial services institution with 19 branches nationwide and over 22 years of banking experience, whose shareholders fully support its capital plan.

The Bank of Zambia revised capitalisation requirements for local Banks and foreign Banks and it is in light of this that the holding company has warehoused 51% shares in Makumbi Investments Limited a special purpose vehicle earmarked for forward offer to local investors. As of 31 December 2013, the Bank has met the equity shareholding and capital requirements for local banks.

Ownership

CBL is a 100% subsidiary of Cavmont Capital Holdings Zambia Plc. (CCHZ). The investors in CCHZ, and therefore in CBL, include Capricorn Investment Holdings (CIH), a financial conglomerate with investment interests in three Southern African countries: Botswana, Namibia and Zambia. CIH owns controlling interests in Bank Gaborone in Botswana and Bank Windhoek in Namibia, in addition to its minority shareholding in Cavmont Capital Holdings Zambia Plc. The stock of the holding company, CCHZ, is Listed on the Lusaka Stock Exchange (LuSE), where it trades under the symbol: CCHZ. The shareholding in CCHZ and therefore in CBL is depicted in the table below:[5]

Cavmont Bank Stock Ownership
Rank Name of OwnerPercentage Ownership
1.Makumbi Investments Limited51.0
2.Capricorn Investment Holdings44.2
3.Cavmont and Company SA
4.Netherlands Development Finance Company (FMO)
5.Zambia National Pensions Scheme Authority (NAPSA)
6.White Barry Howard
7.319 Others3.0
Total100

Branch Network

As of January 2014, Cavmont Bank maintains a network of eighteen branches at the following locations:[6]

Lusaka Branches
  1. Head Office - 2374 Piziya Office Park, Thabo Mbeki Road, Lusaka
  2. Garden Branch - 39 Katima Mulilo Road, Lusaka
  3. Lusaka Square Branch - Anchor House, Sapele Road, Lusaka
  4. Kalingalinga Branch - B4/29/146 Kamloops Road, Lusaka
  5. Tazara House Branch - Ground Floor, Tazara House, Independence Avenue At Dedan Kimathi Street, Lusaka
  6. Makumbi Commercial Branch - Piziya Office Park, Thabo Mbeki Road, Lusaka
Eastern Province Branches
  1. Chipata Branch - 4769 Lunkwakwa Road, Chipata
  2. Mansa Branch - 335 President Road at Chitimukulu Road, Mansa
  3. Mwense Branch - Office Number 5, Community Development Block, Mwense
Northern Province
  1. Kasama Branch - Shoprite Centre, Independence Road, Kasama[7]
  2. Mbala Branch - Independence Avenue, P.O. Box 420138 Mbala
  3. Mpulungu Branch - Harbour Road, Mpulungu
Copperbelt Province
  1. Ndola Branch - Shop Number 7, 93 Z-Mart Mall, President Avenue, Ndola
  2. Kitwe Branch - 33 Ebenezer Center, Kitwe
  3. Kitwe Agency - 1306 Chibuluma Road, Industrial Area, Kitwe
  4. Chingola Branch - ZRA Building, 11 Kitwe Road, Chingola
  5. Chililabombwe - 151 Buntungwa Road, Industrial Area, Chililabombwe
North-Western Province
  1. Solwezi Branch - Chingola-Solwezi Road, Solwezi
  2. Mufumbwe Branch - 1 Mutanda-Chavuma Road, Mufumbwe

The Capricorn Group

Cavmont Bank is a member of the Capricorn Group of Companies under the umbrella of the parent company Capricorn Investment Holdings, a Namibia-based investment conglomerate.[8] The Group has investment interests in southern Africa, as outlined in the graphic below:

  • Cavmont Capital Holdings Zambia Plc. - 44.5% Shareholding
  • Cavmont Bank - 44.5% Shareholding
  • Bank Windhoek Holdings Limited - 73% Shareholding
  • Bank Windhoek Limited - 73% Shareholding
  • BW finance Limited - 73% Shareholding
  • Welwitschia Nammic Insurance Brokers Limited - 56.7% Shareholding
  • Namib Bou Limited - 73% Shareholding
  • Santam Namibia Limited - 18.3%Shareholding
  • Sanlam Namibia Holdings Limited - 21.5% Shareholding
  • Nammic Financial Services Holdings - 100% Shareholding
  • GH Group Employee Share Trust - 16.4% Shareholding
  • Capricorn Investment Holdings (Botswana) Limited - 94.9% Shareholding
  • Bank Gaborone Limited - 94.9% Shareholding
  • Ellwood Insurance Brokers limited - 94.9% Shareholding
  • SmartSwitch Botswana Limited - 47.5% Shareholding
  • Capricorn Asset Management Limited - 75.2% Shareholding
  • Capricorn Capital Limited - 100% Shareholding
  • Cyan ES Limited - 100% Shareholding

Governance

There are six members on the Board of Directors of Cavmont Bank: [9]

  1. Guy D.Z. Phiri - Chairman
  2. Thinus Prinsool - Vice Chairman
  3. Chitupa Muzariri - Director
  4. Johan Swanepoel - Director
  5. Joseph Ngosa - Director
  6. Charles H de B Carey - Managing Director

See also

References

  1. ↑ LVC, . (21 October 2014). "Cavmont Bank To Spend K150 Million On SMEs". LusakaVoice.Com (LVC). Retrieved 23 October 2014.
  2. ↑ BOZ, . "List of Licensed Commercial Banks in Zambia". Bank of Zambia (BOZ). Retrieved 23 October 2014.
  3. ↑ CB, . (March 2012). "31 December 2011 Audited Financial Report". Cavmont Bank (CB). Retrieved 23 October 2014.
  4. ↑ Weildlich, Brigitte (15 January 2009). "Capricorn Did Not Buy Zambian Bank". The Namibian (Windhoek). Retrieved 23 October 2014.
  5. ↑ CB, . "Cavmont Bank: Company Profile". Cavmont Bank (CB). Retrieved 23 October 2014.
  6. ↑ CB, . "Cavmont Bank - Contact Details: Branch Network". Cavmont Bank (CB). Retrieved 24 October 2014.
  7. ↑ Saluseki, Bivan (20 March 2006). "Zambia: Cavmont Capital Bank Opens Outlet in Kasama". The Post (Zambia) via AllAfrica.com. Retrieved 24 October 2014.
  8. ↑ Katswara, Tonderai (9 November 2006). "Namibia: Bank Windhoek Becomes 100 Percent Namibian". The Namibian (Windhoek). Retrieved 24 October 2014.
  9. ↑ CB, . "Cavmont Bank: Board of Directors". Cavmont Bank (CB). Retrieved 24 October 2014.

External links