FINANCIAL SERVICES

Stanbic to launch mobile banking app

Standard Bank Africa has announced plans to launch a new banking application in ten countries including at its local subsidiary Stanbic Zimbabwe, before the end of this year.Stanbic Bank Zimbabwe is a...

By New Ziana | Published: 12 July 2016

FINANCIAL SERVICES

Zimbabwe banking sector profits decline

The Reserve Bank of Zimbabwe says the banking sector's capitalisation though largely in compliance with minimum capital requirements, remains under threat from losses being recorded by a few banking i...

By Staff reporter | Published: 23 June 2015

FINANCIAL SERVICES

Atlas Mara disposes 10% stake in Brainworks

Atlas Mara Co-Nvest Limited (Atlas Mara) on Wednesday disposed its 10,1 percent stake in Zimbabwe-focused private equity and advisory firm Brainworks Capital Management Limited (Brainworks) valued at ...

By Staff reporter | Published: 22 June 2015

FINANCIAL SERVICES

RBZ will act accordingly on ailing banks

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya insists that troubled banks have up to end-June to put their act together before authorities can move in to restore investor confidence.The Centra...

By Staff reporter | Published: 22 June 2015

FINANCIAL SERVICES

Zamco finalises NPLs assessment

Zimbabwe Asset Management Company (Zamco) - a government's special purpose vehicle to house non-performing loans (NPLs) - is finalising modalities to clean up local banks' balance sheets, a central ba...

By Staff reporter | Published: 22 June 2015

FINANCIAL SERVICES

Zimbabwe banks shun corporates, says AfDB

Zimbabwe's financial services now prefer lending to individuals in favour of risky corporate borrowers, the African Development Bank (AfDB) has said.In its March 2015 Monthly Report on Zimbabwe, the r...

By Staff reporter | Published: 22 June 2015

FINANCIAL SERVICES

FMHL operating profits up 1 090%

Listed financial services group First Mutual Holdings Limited (FMHL)'s operating profit surged by 1 090 percent to over $1 million in the first four months to April 2015 due to cost cutting measures a...

By Staff reporter | Published: 21 June 2015

FINANCIAL SERVICES

Nicoz gross premium flat at $11,1m

Listed short-term insurer NicozDiamond Insurance Limited (Nicoz)'s gross premium written (GPW) for the four months to April 2015 remained almost flat at $11,16 million compared to same period last yea...

By Staff reporter | Published: 21 June 2015

FINANCIAL SERVICES

Bank loans uptake slows

The banking sector recorded a low loans uptake as a result of high lending rates as corporate clients in the sector slumped, figures from the Reserve Bank of Zimbabwe show.In its weekly economic repor...

By Staff reporter | Published: 21 June 2015

FINANCIAL SERVICES

Zimbabwe off international financial blacklist

Zimbabwe has been removed from the international financial blacklist after the country took steps towards improving its role in the global fight against money laundering and terrorist financing, a Cab...

By Staff reporter | Published: 21 June 2015

FINANCIAL SERVICES

Atlas Mara gives ABCH minority shareholders ultimatum

Atlas Mara Co-Nvest Limited (Atlas Mara) has given minority shareholders an ultimatum to sell their shares within six weeks to the United Kingdom-based company for $0,82 per share.This comes after sha...

By Staff reporter | Published: 21 June 2015

FINANCIAL SERVICES

Policy holders take Old Mutual to task

In South Africa (SA), they have got Theo Botha - the irrepressible shareholder activist - and Zimbabwe could be getting its own version in the form of businessman Chester Mhende.About two decades ago,...

By Staff reporter | Published: 21 June 2015

FINANCIAL SERVICES

Ailing economy bites insurance sector

Eight short-term insurance companies reported losses in the full year to December 2014 as Zimbabwe's moribund economy continues to affect the country's insurance industry.A report by the Insurance and...

By Staff reporter | Published: 21 June 2015

FINANCIAL SERVICES

NMBZ secures $37m offshore credits

Dual-listed financial services group NMB Zimbabwe Holdings (NMBZ) is set to secure $37 million in offshore credits earmarked for on-lending to industry and various sectors of the economy, a top compan...

By Staff reporter | Published: 21 June 2015

FINANCIAL SERVICES

European Investment Bank team arrives in Zimbabwe

A high level team from the European Investment Bank (EIB) is in Zimbabwe to assess the economic situation in the country, European Union (EU) Ambassador Philippe Van Damme has said.Van Damme told busi...

By Staff reporter | Published: 21 June 2015

FINANCIAL SERVICES

Washaya appointed NMB chief exec

Benefit Washaya has been appointed as the substantive chief executive of listed financial services group NMB Zimbabwe Holdings.Washaya, whose appointment is effective from April 1, 2015, has been runn...

By Staff reporter | Published: 21 June 2015

FINANCIAL SERVICES

Tetrad faces liquidation?

Tetrad Investment Bank's future hangs in the balance as creditors and depositors meet for the last time today in the capital to decide the troubled financial institution's fate.At the last meeting hel...

By Staff reporter | Published: 21 June 2015

FINANCIAL SERVICES

Banker Mukupe turns to politics

Collapsed Allied Financial Holdings (AFH) former chief executive Terence Mukupe has turned to politics and is eyeing the Harare East parliamentary seat under the Zanu PF ticket.Mukupe is expected to l...

By Staff reporter | Published: 21 June 2015

FINANCIAL SERVICES

Stanchart to review operations

Standard Chartered Bank Zimbabwe Limited (Stanchart) is embarking on a restructuring exercise in line with its parent company's - Standard Chartered Plc - review of its global branch network.Samuel Ru...

By Staff reporter | Published: 07 June 2015

FINANCIAL SERVICES

NMBZ registers $1,6m profit

Zimbabwe Stock Exchange-listed NMB Zimbabwe Holdings (NMBZ) has registered a $1,6 million profit after tax in the full year to December 31, 2014, up from a loss of $3,3 million recorded in 2013.Tendai...

By Staff reporter | Published: 07 June 2015

FINANCIAL SERVICES

ZB targets profitability in 2015

ZB Financial Holdings (ZB), one of the big banking institutions with a strong asset base in the country, is aiming a return to profitability this year through reduced overheads and product innovation....

By Staff reporter | Published: 07 June 2015

FINANCIAL SERVICES

Royal Bank directors face prosecution?

Royal Bank Zimbabwe Limited (Royal)'s directors could face prosecution after the defunct institution's creditors on Wednesday approved a plan to institute legal proceedings against the ex-board for ab...

By Staff reporter | Published: 07 June 2015

FINANCIAL SERVICES

Steward Bank wins labour case

Steward Bank has won a labour dispute against 11 of its workers, who were seeking a court order barring the financial institution from withholding their salaries and benefits pending retrenchment.Nisb...

By Staff reporter | Published: 07 June 2015

FINANCIAL SERVICES

ABCH secures $50m loan

Banking group ABC Holdings Limited (ABCH) has secured a $50 million multi-currency loan from the African Development Bank (AfDB) for on-lending to small-to-medium enterprises (SMEs).The loan, with a s...

By Staff reporter | Published: 07 June 2015

FINANCIAL SERVICES

Don't attach debtors' property, RBZ tells banks

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says banks must not attach defaulting debtors' properties, but restructure bad debts instead.This comes on the back of a wave of property auctions...

By Staff reporter | Published: 07 June 2015
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