Afrasia Bank Zimbabwe Limited

Afrasia Bank Zimbabwe Limited
Private
Industry Financial Services
Founded 1997
Headquarters 53 Samora Machel Avenue
Harare, Zimbabwe
Key people
 Sibusisiwe Bango[1]
Group Chairman
Products Loans, Checking, Savings, Investments, Debit Cards
Revenue US$3.3 million (2012)
Total assets US$201 million (2012)
Website Homepage

Afrasia Bank Zimbabwe Limited, also referred to as Afrasia Bank Zimbabwe, is a commercial bank in Zimbabwe. It is one of the regulated banking institutions licensed by the Reserve Bank of Zimbabwe, the country's central bank and national banking regulator.[2]

History

The bank was established in 1997, as Kingdom Bank Zimbabwe Limited, by Nigel Chanakira . In January 2012, AfrAsia Bank Limited, a financial services provider, based in Mauritius, invested US$9.5 million in the bank's holding company, thereby acquiring 35% ownership in the Zimbabwean financial group.[3] Until September 2013, the bank was a subsidiary of Kingdom Financial Holdings Limited (KFHL), a publicly traded company on the Zimbabwe Stock Exchange. In 2013, due to changes in ownership, KFHL rebranded to AfrAsia Zimbabwe Holdings Limited (AZHL), while the bank took up its present name. The 35.7% shareholding that the holding company previously held in Kingdom Africa Bank Limited, an investment bank in Botswana, was disposed of in September 2013.[4]

Subsidiaries

The AfrAsia Bank Zimbabwe Group includes the following bank subsidiaries:[5]

  1. AfrAsia Capital Management (Private) Limited
  2. MicroKing Finance Limited - A microfinance company

Shareholding

As of October 2013, shareholding in the stock of the bank, is as depicted in the table below:[6][7]

Afrasia Bank Zimbabwe Limited Stock Ownership
Rank Name of OwnerPercentage Ownership
1AfrAsia Bank Limited of Mauritius54.0
2Others46.0
Total100.00

See also

References

  1. ↑ Sibusisiwe Bango Is Group Chairman
  2. ↑ List of Registered Banking Institutions In Zimbabwe Archived 2012-04-17 at the Wayback Machine.
  3. ↑ AfrAsia Bank Acquires 35% Shareholding In KFHL
  4. ↑ Nigel Chanakira Sells His 30% Stake In Afrasia Kingdom Zimbabwe
  5. ↑ Subsidiaries of AfrAsia Bank Zimbabwe Limited
  6. ↑ Chanakira Sells His 30% Ownersh In AZHL For US$12 Million And Exits Financial Group
  7. ↑ AfrAsia Bank Gains Controlling Interest In Zimbabwean Subsidiary
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