Ecobank Zimbabwe

Ecobank Zimbabwe
Private
Industry Financial Services
Founded 2002[1]
Headquarters Harare, Zimbabwe
Key people
 David Whatman
Chairman
Daniel Sackey
Managing Director & CEO
Products Loans, Checking, Savings, Investments, Debit Cards
Revenue Increase Aftertax:US$1.2 million (H1:2013)
Total assets US$120.2 million (June 2013)
Website Homepage

Ecobank Zimbabwe Limited (EZL), is a commercial bank in Zimbabwe. It is one of the commercial banks licensed by the Reserve Bank of Zimbabwe, the central bank in the country and the national banking regulator.

Overview

Ecobank Zimbabwe is a small, but growing financial services provider in Zimbabwe, serving large corporate clients, upscale retail customers and medium to large business enterprises. The company’s services include personal banking, business banking, global banking and agricultural finance. As of June 2013, the bank's shareholders' equity was estimated at US$42.8 million, and total assets were valued at US$120.2 million.[2]

History

The bank was established in 2002 as Premier Finance Group, a merchant bank. In January 2011, Ecobank Transnational acquired majority shareholding in Premier Finance Group, at a price of US$10 million. Following the change in ownership, the institution rebranded to Ecobank Zimbabwe in May 2011. It also requested and was granted permission to change its merchant banking license to a commercial banking license.[3] The Reserve Bank of Zimbabwe granted EBZ a commercial banking license, effective 15 May 2012.[4]

Ownership

Ecobank Zimbabwe is a subsidiary of Ecobank Transnational, the Pan African bank with headquarters in Lome, Togo and a presence in over 30 African countries.[5] Other shareholders in the Zimbabwean subsidiary are shown in the table below:[6]

Ecobank Zimbabwe Stock Ownership
Rank Name of OwnerPercentage Ownership
1Ecobank Transnational62.00
2Consortium of Zimbabwean Investors38.00
Total100.00

Branch network

As of January 2012, the bank maintains a network of nine[7] operational branches, at the following locations:[8]

  1. Head Office - 2 Piers Road, Harare
  2. Borrowdale Branch - Block A, Sam Levy’s Office Park, 2 Piers Road, Borrowdale, Harare
  3. Bradfield Branch - Stand 16433, Shops 3&4, Zonkizizwe Shopping Centre, Hillside Road, Bradfield, Bulawayo
  4. Chiredzi Branch - Stand 360, Mopani Drive, Chiredzi
  5. Joina City Branch - Shop U14, Innez Terrace at Jason Moyo Avenue, Harare
  6. Mbare Branch - Shops 1&2, Stand 29629, Farmer's Market, Mbare, Harare
  7. Nelson Mandela Branch - 35 Nelson Mandela Avenue, Harare
  8. Parkade Centre Branch - 5 Parkade Centre, Fife Street at 9th Avenue, Bulawayo
  9. Samora Machel Branch - 137 Samora Machel Avenue, Harare
  10. Chitungwiza Branch - Chitungwiza[9]
  11. Mutare Branch - 2A Fidelity Centre, Herbert Chitepo Street, Mutare
  12. Msasa Branch - Msasa, Harare
  13. Graniteside Branch - Graniteside, Harare
  14. Kweke Branch - Beverly house Robert Mugabe way Kwekwe
  15. Bindura Branch - Robert Mugabe way

Governance

The Chairman of the bank is Sengiyampula Mlambo. The Managing Director and Chief Executive Officer is Daniel Sackey.

See also

References

  1. ↑ Founded In 2002 As Premier Finance Group
  2. ↑ 30 June 2013 Financial Data
  3. ↑ Premier Finance Group Rebrands to Ecobank Zimbabwe
  4. ↑ Ecobank Zimbabwe Goes Into Commercial Banking
  5. ↑ Ecobank Transnational Opens New Head Office in Lome, Togo
  6. ↑ Shareholding in Ecobank Zimbabwe
  7. ↑ EZL With Nine Branches At End of Calendar 2012
  8. ↑ Branch Network of Ecobank Zimbabwe
  9. ↑ Ecobank Extends Zimbabwe Footprint

External links