ZB Bank Limited
| Private | |
| Industry | Financial services |
| Founded | 1951 |
| Headquarters | Harare, Zimbabwe |
Key people |
Obey Matizanadzo Chairman Ronald Mutandagayi Managing Director |
| Products | Loans, savings, checking, investments, debit cards, credit cards, mortgages |
| Revenue |
 |
| Total assets | US$439.3 million (2016)[1] |
Number of employees | 631 (2018)[2] |
| 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 central bank and national banking regulator.[1]
Location
The headquarters and main branch of ZB Bank Limited are located at in ZB House, at 21 Natal Road, in Avondale, Harare, Harare, the capital and largest city of Zimbabwe.[3] The geographical coordinates of the bank's headquarters are: 17°47'59.0"S, 31°02'30.0"E (Latitude:-17.799722; Longitude:31.041667).[4]
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.[5] As of December 2016, ZBBL's total assets were US$439.3 million, with shareholders' equity of US$89.43 million.[3]
Branch network
As of April 2016, ZBBL maintained a network of 49 branches and 10 agencies across Zimbabwe, including at the following locations, as listed in the 2016 Annual Report.[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.[6][7] The lottery was open to all clients who had kept Z$5,000 or more in their ZimBank accounts.[6][7]
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.[8]
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.[8]
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 June 2014, the financial group merged ZB Bank Limited with ZB Building Society, to meet new capital requirements by the Reserve Bank of Zimbabwe[9]
Shareholding
The shareholding in “ZB Financial Holdings Limited” the holding company of the bank, is as illustrated in the table below:[3]
| Rank | Name of Owner | Percentage Ownership |
|---|---|---|
| 1 | National Social Security Authority of Zimbabwe | 37.79 |
| 2 | Government of Zimbabwe | 23.50 |
| 3 | ZB Financial Holdings Limited | 10.08 |
| 4 | Old Mutual Life Assurance of Zimbabwe Limited | 5.50 |
| 5 | Mashonaland Holdings Limited | 3.01 |
| 6 | Finhold Group Staff Trust | 3.01 |
| 7 | Guramatunhu Family Trust | 1.50 |
| 8 | Zimbabwe Ministry of Finance | 1.15 |
| 9 | Zimre Reinsurance Private Limited | 1.08 |
| 10 | ZB Financial Holdings Pension Fund | 0.64 |
| 11 | Others | 12.74 |
| Total | 100.00 | |
ZB Financial Group
The subsidiaries of ZB Financial Holdings Limited include the following:[3]
| Rank | Name of Owner | Percentage Ownership | Notes |
|---|---|---|---|
| 1 | ZB Bank Limited | 100.00 | Commercial Bank |
| 2 | ZB Building Society | 75.33 | Building Society |
| 3 | ZB Transfer Secretaries | 100.00 | Transfer Secretaries |
| 4 | ZB Capital Private Limited | 100.00 | Private Capital |
| 5 | ZB Reinsurance Limited | 100.00 | Reinsurance |
| 6 | ZB Life Assurance Limited | 64.00 | Life Insurnce |
| 7 | ZB Associated Services Private Limited | 100.00 | Security Services |
| 8 | Mashonaland Holdings Limited | 34.72 | Investments |
| 9 | Credit Insurance Zimbabwe Limited | 42.10 | Credit Insurance |
| 10 | Cell Holdings Private Limited | 33.32 | Short-term Insurance |
See also
References
- 1 2 3 Reserve Bank of Zimbabwe (17 May 2018). "List of Registered Banking Institutions". Harare: Reserve Bank of Zimbabwe. Retrieved 17 May 2018.
- ↑ Reserve Bank of Zimbabwe (17 May 2017). "Profile of ZB Bank Limited". Harare: Reserve Bank of Zimbabwe. Retrieved 17 May 2017.
- 1 2 3 4 5 ZB Bank Limited (2 March 2017). "ZBFH Annual Report for the Year Ending 31 December 2016". Harare: ZB Bank Limited. Retrieved 17 May 2018.
- ↑ Google (17 May 2018). "Location of the Headquarters of ZB Bank Limited, Natal Road, Harare" (Map). Google Maps. Google. Retrieved 17 May 2018.
- ↑ Zimbabwe Stock Exchange (17 May 2018). "Zimbabwe Stock Exchange: Listed Companies: ZB Financial Holdings Limited". Harare: Zimbabwe Stock Exchange. Retrieved 17 May 2018.
- 1 2 Acemoglu, Daron (2011). Why Nations Fail. New York: Crown Publishers. p. 368. ISBN 978-0-307-71921-8.
- 1 2 "Mugabe hits the jackpot". BBC. 28 January 2000. Retrieved 16 August 2013.
- 1 2 3 ZBFHL (16 April 2016). "History of ZB Financial Holdings Limited". Harare: ZB Financial Holdings Limited (ZBFHL). Retrieved 16 April 2016.
- ↑ Business Reporter (26 May 2014). "ZB Holdings to proceed with ZB Building Society merger". NewsDay Zimbabwe. Harare. Retrieved 16 April 2016.