Afrasia Bank Zimbabwe Limited
| Company type | Private |
|---|---|
| Industry | Financial services |
| Founded | 1997 |
| Defunct | 2015 |
| Fate | Closed its banking services in Zimbabwe and moved to Mauritius |
| Headquarters | , |
Key people | Sibusisiwe Bango (Group Chairman)[1] |
| Products | Loans, Checking, Savings, Investments, Debit Cards |
| Revenue | US$3.3 million (2012) |
| Total assets | US$201 million (2012) |
| Parent | AfrAsia Bank Limited |
| Website | www |
Afrasia Bank Zimbabwe, was a commercial bank in Zimbabwe that was a subsidiary of AfrAsia Bank Limited. It was one of the regulated banking institutions licensed by the Reserve Bank of Zimbabwe, the country's central bank and national banking regulator.[2]
The bank stopped providing banking services in Zimbabwe in 2015 and the central bank cancelled its license soon afterwards. The bank moved its operations to its parent in Mauritius.[3]
History[edit]
The bank was established in 1997, as Kingdom Bank Zimbabwe Limited, by Lysias C Sibanda, Frank Kufa, Nigel Chanakira and Solomon Mugavazi. 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.[4]
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). 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.[5]
In 2015 AfrAsia Bank Zimbabwe ceased its banking operations in the country to refocus on profitable business lines. James Benoit, CEO of AfrAsia Bank, said: "The difficulties that AfrAsia Bank Zimbabwe was facing arose primarily from legacy issues within the bank and the difficult economic environment within the country."
Subsidiaries[edit]
The AfrAsia Bank Zimbabwe Group included the following bank subsidiaries:[6]
- AfrAsia Capital Management (Private) Limited
- MicroKing Finance Limited - A microfinance company
[edit]
As of October 2013[update], shareholding in the stock of the bank, is as depicted in the table below:[7][8]
| Afrasia Bank Zimbabwe Limited Stock Ownership | ||||||||||||
|
See also[edit]
References[edit]
- ^ Sibusisiwe Bango Is Group Chairman
- ^ List of Registered Banking Institutions In Zimbabwe Archived 2012-04-17 at the Wayback Machine
- ^ "AfrAsia Bank ceases banking operations in Zimbabwe". Africa Global Funds. 4 March 2015.
- ^ "Zimbabwe: Kingdom Seals Deal With AfrAsia Bank Bank". The Herald (Harare). 24 January 2012. Retrieved 6 September 2017.
- ^ Nigel Chanakira Sells His 30% Stake In Afrasia Kingdom Zimbabwe
- ^ Moyo, Roman (30 November 2013). "Zimbabwe: New Era for AfrAsia Zimbabwe Group". New Zimbabwe (London). Retrieved 6 September 2017.
- ^ "Zimbabwe: Chanakira Gets U.S $12 Million for Kingdom Exit". New Zimbabwe (London). 22 October 2013. Retrieved 6 September 2017.
- ^ "AfrAsia ups Kingdom stake | The Herald". www.herald.co.zw. Retrieved 6 September 2017.
