ZB Bank Limited

ZB Bank Limited
Private
Industry Financial Services
Founded 1951
Headquarters Harare, Zimbabwe
Products Loans, savings, checking, investments, debit cards, credit cards, mortgages
Website Homepage

ZB Bank Limited (ZBBL), also known as ZB Bank, but commonly referred to as Zimbank, is a commercial bank in Zimbabwe. It is one of the commercial banks licensed by the Reserve Bank of Zimbabwe, the national banking regulator.[1]

Overview

ZB Bank is the flagship of ZB Financial Holdings Limited, also known as ZB Financial Group, a large Zimbabwean financial services provider, whose shares are traded on the Zimbabwe Stock Exchange, under the symbol: ZBFH. As of June 2012, the total asset valuation and shareholders's equity of ZB Bank Limited are not publicly known. However, banking analysts in Zimbabwe characterise the bank as a "Middle Tier" bank "with respectable assets".[2] As of June 2011, the market capitalisation of ZB Bank Limited was US$$13,965,263.[3] By August 2012, that capitalisation had increased to US$38 million.[4]

As of August 2012, ZB Bank Limited maintains a network of 54 branches across Zimbabwe. The locations of the bank branches includes the following:[5]

ZimBank Lottery

In January 2000, Fallot Chawaua, the Master of Ceremonies of a promotional lottery organised by the Zimbabwe Banking Corporation, announced that Robert Mugabe won the Z$100,000 first prize jackpot.[6][7] The lottery was open to all clients who had kept Z$5,000 or more in their ZimBank accounts.[6][7]

History

The origins of ZB Bank Limited can be traced back to 1951. Ten years later, the financial services organisation from which the bank originated had grown to nine branches countrywide. That organisation was sold to the Netherlands Bank of Rhodesia (NBR) in 1961. In 1972, the company changed its name to Rhodesia Banking Corporation (RBC), and then to Rhobank in 1979. Following the purchase of majority shareholding by the Government, the company changed its name to Zimbabwe Banking Corporation (ZBC) in 1981.

In 1989, the company was restructured under one holding company, Zimbabwe Financial Holdings Limited (ZFHL). This allowed the bank to operate as a stand-alone subsidiary of a larger financial conglomerate that also owned other non-banking financial services subsidiaries. The acquisition of other subsidiaries over the years allowed the Group to offer a wide range of services which include commercial and merchant banking, hire purchase and leasing as well as trust and executor services.

On 30 October 2006, the Group adopted a new brand and formally changed its name to ZB Financial Holdings Limited. This change coincided with the merger with former Intermarket Holdings. These new subsidiaries included a bank, two insurance companies and a building society. All subsidiaries adopted the ZB brand across the board.[8] In August 2012, the financial group announced plans to merge ZB Bank Limited with ZB Building Society, to meet new capital requirements by the Reserve Bank of Zimbabwe[9]

ZB Financial Group

The bank is a member of ZB Financial Group, which trades as ZB Financial Holdings Limited. The member companies of the group include the following:[10]

  1. ZB Bank Limited – A commercial bank. Merged with ZB Building Society, a building society, in 2012.
  2. ZB Capital Limited – A venture capital firm, also offers financial advisory services
  3. ZB Asset Management Limited – An asset management company
  4. ZB Life Assurance – A life insurance company
  5. ZB Securities (Private) Limited – A securities brokerage firm
  6. ZB Reinsurance – A re-insurance company.
  7. ZB Branches

Ownership

ZB Bank Limited is a subsidiary of ZB Financial Holdings Limited (ZBFHL), whose shares are traded on the Zimbabwe Stock Exchange, under the symbol: ZBFH. The detailed shareholding in the stock of ZBFH is not publicly known at this time. The Government of Zimbabwe is a shareholder in the bank.[11] ZBFH is a US OFAC designated sanctioned entity since 25 July 2008.[12]

See also

References

  1. ↑ List of Licensed Commercial Banks In Zimbabwe
  2. ↑ ZB Bank Ranked 6th Best Bank In Zimbabwe
  3. ↑ Market Capitalization of ZB Bank Limited In 2011
  4. ↑ Market Capitalization of US$38 Million In August 2012
  5. ↑ Branches of ZB Bank Limited
  6. 1 2 Acemoglu, Daron (2011). Why Nations Fail. New York: Crown Publishers. p. 368. ISBN 978-0-307-71921-8.
  7. 1 2 "Mugabe hits the jackpot". BBC. 28 January 2000. Retrieved 16 August 2013.
  8. ↑ History of ZB Bank Limited
  9. ↑ ZB Bank To Merge With ZB Banking Society
  10. ↑ Member Companies of ZB Financial Group
  11. ↑ The Zimbabwe Ministry of Labor Is Majority Shareholder In ZB Bank Limited
  12. ↑

External links

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