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
Revenue IncreasePretax US$8.9 million (2015)
Total assets US$424.1 million (2015)
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 licensed by the Reserve Bank of Zimbabwe, the national banking regulator.[1]

Overview

ZBBL is the flagship of ZB Financial Holdings Limited, a large Zimbabwean financial services provider whose shares are traded on the Zimbabwe Stock Exchange under the symbol ZBFH.

As of December 2015, ZBBL's total assets were US$424.1 million.[2]

Branch network

As of April 2016, ZBBL maintained a network of 49 branches and 10 agencies across Zimbabwe. The branches included the following:[3]

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.[4][5] The lottery was open to all clients who had kept Z$5,000 or more in their ZimBank accounts.[4][5]

History

ZBBL's origins can be traced 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 in 1961. In 1972, the company changed its name to Rhodesia Banking Corporation and then to Rhobank in 1979. Following the purchase of majority shareholding by the government, the company changed its name to the Zimbabwe Banking Corporation in 1981.[6]

In 1989, the company was restructured under one holding company, Zimbabwe Financial Holdings Limited. 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.[6]

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.[6]

In June 2014, the financial group merged ZB Bank Limited with ZB Building Society, to meet new capital requirements by the Reserve Bank of Zimbabwe[7]

See also

References

  1. ↑ RBZ (16 April 2016). "List of Registered Banking Institutions". Harare: Reserve Bank of Zimbabwe (RBZ). Retrieved 16 April 2016.
  2. ↑ Business Reporter (24 March 2016). "ZB Bank Returns To Profitability". Zimbabwe Daily News. Harare. Retrieved 16 April 2016.
  3. ↑ ZBBL (16 April 2016). "The Branches of ZB Bank Limited" (PDF). Harare: ZB Bank Limited (ZBBL). Retrieved 16 April 2016.
  4. 1 2 Acemoglu, Daron (2011). Why Nations Fail. New York: Crown Publishers. p. 368. ISBN 978-0-307-71921-8.
  5. 1 2 "Mugabe hits the jackpot". BBC. 28 January 2000. Retrieved 16 August 2013.
  6. 1 2 3 ZBFHL (16 April 2016). "History of ZB Financial Holdings Limited". Harare: ZB Financial Holdings Limited (ZBFHL). Retrieved 16 April 2016.
  7. ↑ Business Reporter (26 May 2014). "ZB Holdings to proceed with ZB Building Society merger". NewsDay Zimbabwe. Harare. Retrieved 16 April 2016.
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