ZB Financials Holdings hunts for MD

ZB Financials Holdings hunts for MD
Published: 06 December 2013
ZB FINANCIAL Holdings (ZBFH) seeks to recruit a managing director (MD) for its flagship unit ZB Bank Limited (ZB).

This comes as the bank's former MD Ronald Mutandagayi was in June elevated to chief executive of the group.

Shadowsight Chiganze is currently ZB's acting MD.

The group has engaged recruitment agency Proserve.

"Our client is a well-established and reputable financial institution," the agency said in an advert inviting applicants for the top job, adding that "due to internal changes within the group we have been exclusively retained to assist with the recruitment and selection of a candidate to fill the critical and strategic role…"

Chiganze, who is also ZBFH business development head, said the bank's board was is in the process of finding a permanent replacement for the position.

"Currently, the position of managing director for ZB Bank Limited is vacant," he said, adding "the recruitment… is the responsibility of the ZB Bank board of directors and not ZBFH."

ZB - with more than 40 branches across the country - recorded a $2,3 million profit in the half year ended June 2013,  down from $4,3 million recorded in same period prior year.

During the period under review, the bank's total income went down to $26 million from $28 million.

As part of its expansion drive, the group established branches in Harare and Bulawayo while a total of $1 million has been spent on branch redecorations.

The bank, whose capitalisation stood at $32,34 million as at December 31, 2012, is pursuing plans to meet the Reserve Bank of Zimbabwe's minimum capital requirements.

Last year, the central bank ordered financial institutions to up their minimum capital thresholds from $12,5 million to $100 million for commercial banks and $10 million to $80 million for building societies, in a phased approach.

The institutions are supposed to be fully compliant by June 2014.

Among its compliance plans, the group intends to merge the bank with mortgage lending arm ZB Building Society.

- dailynews


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