FINANCIAL SERVICES

Defunct AfrAsia bank fails to pay creditors

AFRASIA Bank Zimbabwe says it will not be able to pay its creditors this year due to ongoing legal proceedings and an acute shortage of money on the market, which have delayed liquidation of the colla...

By Staff reporter | Published: 15 December 2017

FINANCIAL SERVICES

AfrAsia challenges court's decision on RioZim

AfrAsia Bank has filed an appeal at the Supreme Court challenging the High Court's decision to nullify the deed of settlement signed between the bank and mining company RioZim.This comes as the bank l...

By Staff reporter | Published: 19 July 2017

MINING & RETAIL

RioZim not paying $4.5m AfrAsia debt

RIOZIM Limited has decided not to honour an ostensible $4,5 million debt owed to AfrAsia Bank, which is presently in liquidation, after it emerged the financial institution could have unfairly bloated...

By Staff reporter | Published: 12 July 2017

FINANCIAL SERVICES

UK's $800k trapped in collapsed AfrAsia unit

The United Kingdom (UK) Department for International Development (DFID)'s $800 000 has been trapped in AfrAsia Zimbabwe Holdings Limited (AZHL)'s lending unit, Microking, following collapse of the fin...

By Staff reporter | Published: 07 June 2015

FINANCIAL SERVICES

Investor let us down, says AfrAsia

AfrAsia Bank Limited (ABL) says its Zimbabwean banking unit, AfrAsia Bank Zimbabwe Limited (ABZL), collapsed after negotiations with an international investor fell through at the last minute.The Mauri...

By Staff reporter | Published: 07 June 2015

FINANCIAL SERVICES

AfrAsia Bank collapses

Troubled AfrAsia Bank Zimbabwe Limited (ABZL) has surrendered its banking licence after its Mauritian shareholder gave up on turning around the bank's fortunes.Apart from a Reserve Bank of Zimbabwe (R...

By Staff reporter | Published: 07 June 2015

FINANCIAL SERVICES

AfrAsia battles $16m lawsuits

Troubled AfrAsia Zimbabwe Holdings Limited (AZHL)'s banking and microfinance subsidiaries are contesting $16,4 million lawsuits from various clients.Among the aggrieved is Alphavic Management Consulta...

By Staff reporter | Published: 07 June 2015

FINANCIAL SERVICES

AfrAsia shuts Vic Falls branch

AfrAsia Bank has announced the closure of its Victoria Falls branch as part of the group's efforts to streamline operations.The branch will cease operations on July 31 and all accounts will be transfe...

By Leonard Ncube | Published: 24 July 2014

FINANCIAL SERVICES

Zibawu demands probe into AfrAsia

AfrAsia Bank Limited is caught in the centre of stormy allegations by workers who claim that management wrote off thousands of dollars worth of their personal loans and presented them in the books as ...

By Staff reporter | Published: 29 April 2014

FINANCIAL SERVICES

Zim tycoon sues AfrAsia for $79m

AFRASIA Bank, formerly Kingdom Bank, has been sued for about $79 million by local tycoon Zachary Wazara and his firm Spiritage Zimbabwe Limited for allegedly breaching its obligations in Valley Techno...

By Staff reporter | Published: 25 April 2014

FINANCIAL SERVICES

AfrAsia deal signals major indigenisation climb down

This week's announcement Mauritius-based Afrasia Bank Ltd has increased shareholding in AfrAsia Zimbabwe Holdings Limited to 62,5% , following the injection of an additional $20 million into the enti...

By Staff reporter | Published: 25 April 2014

FINANCIAL SERVICES

AfrAsia Bank Zimbabwe MD resigns

AfrAsia Bank Zimbabwe (AfrAsia)'s managing director Tineyi Mawocha has resigned.His resignation, under yet unclear circumstances, is barely three months after his appointment.Sekai Chitemerere, AfrAsi...

By Business Live | Published: 10 April 2014

FINANCIAL SERVICES

AfriAsia Zimbabwe profits decline

AfriAsia Zimbabwe Holdings posted a profit of $174 862 for the half year ended 31 December 2013. This was a 91 percent decline from the prior comparable profit of $1,9 million.The figures in the stat...

By Staff reporter | Published: 03 March 2014

BUSINESS NEWS

AfrAsia $5m rights issue fully subscribed

AfrAsia Zimbabwe Holdings says its $5 million rights issue was fully subscribed as the financial group continues with fundraising efforts to fund growth and meet regulatory requirements. This will hel...

By Staff reporter | Published: 21 February 2014

FINANCIAL SERVICES

AfrAsia introduces innovative rewards programme

AfrAsia (Zimbabwe) Bank Limited is forging ahead with plans to claim a spot among the top five banks in the country.Late last year Mauritian banking group AfrAsia Bank Limited (ABL) CEO James Benoit s...

By Staff reporter | Published: 11 February 2014

FINANCIAL SERVICES

Kingdom Bank change name to AfrAsia

The Reserve Bank of Zimbabwe published a notice on the change of name of Kingdom Bank Limited in terms of Section 22 (6) of the Banking Act to AfrAsia Bank Zimbabwe Limited and shall be known as such...

By Staff reporter | Published: 31 January 2014

PEOPLE MOVES

Mawocha becomes AfrAsia Bank MD

Afrasia Bank Zimbabwe Limited has appointed former Tetrad Bank managing director Mr Tineyi Mawocha as the managing director for its rebranded flagship banking unit with effect from 6 January 2014.The...

By Herald | Published: 16 January 2014

FINANCIAL SERVICES

Board shake-up looms at AfrAsia

A board shake-up - including the resignation of chairperson Sibusisiwe Bango - looms at AfrAsia Kingdom Zimbabwe Limited (AKZL) following Nigel Chanakira's exit and subsequent increase in shareholding...

By Staff reporter | Published: 06 December 2013

FINANCIAL SERVICES

AfrAsia Holdings to rebrand

MAURITIUS-based AfrAsia Holdings Limited (AfrAsia) has injected liquidity support to the tune of $10 million to Kingdom Bank Limited as part of strengthening the institution's financial position. AfrA...

By Business Reporter | Published: 04 December 2013

FINANCIAL SERVICES

Shareholders endorse Nigel Chanakira's exit

Shareholders in AfrAsia Kingdom Zimbabwe Limited (AKZL), the parent company of Kingdom Bank, on Friday voted for the repurchase of shares indirectly held by an investment vehicle linked to Nigel Chan...

By Staff reporter | Published: 01 December 2013

FINANCIAL SERVICES

AfrAsia Kingdom release recapitalisation circular

AfrAsia Kingdom released a circular relating to its proposed recapitalisation by up to $100m through a Rights Offer and a Private Placement.An EGM of the company shall be at 100hrs on Friday 29 Novemb...

By Staff reporter | Published: 20 November 2013

FINANCIAL SERVICES

AfrAsia wins prestigious award

AFRASIA Bank Limited has won the Best Private Bank in Mauritius award at the Global Private Banking Awards recently held in Geneva.The awards were presented by Professional Wealth Management and The ...

By Business Reporter | Published: 19 November 2013

FINANCIAL SERVICES

AfrAsia CEO apologises

AfrAsia Kingdom Limited minority shareholders forced the postponement of the group's extraordinary general meeting to consider, among other resolutions, a proposal to raise fresh capital, after raisin...

By Staff reporter | Published: 15 November 2013

FINANCIAL SERVICES

AfrAsia seeks name change

AfrAsia Kingdom Zimbabwe will next month seek shareholder approval to rebrand the flagship banking unit and other units following a 30% share disposal by founder Nigel Chanakira last month. AfrAsia wi...

By Staff reporter | Published: 22 October 2013

FINANCIAL SERVICES

AfrAsia pays Chanakira $12 million

Mauritius-based AfrAsia Bank Limited (AfrAsia) will pay prominent banker Nigel Chanakira $12 million following the disposal of his 30 percent stake in financial group AfrAsia Kingdom Zimbabwe Limited...

By Staff reporter | Published: 21 October 2013
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