CBZ Bank Limited, also CBZ Bank, is a

commercial bank A commercial bank is a financial institution which accepts deposits from the public and gives loans for the purposes of consumption and investment to make profit. It can also refer to a bank, or a division of a large bank, which deals with co ...

in Zimbabwe. It is one of the financial services institutions licensed by the

Reserve Bank of Zimbabwe The Reserve Bank of Zimbabwe is the central bank of Zimbabwe and is headquartered in the capital city Harare. History The bank traces its history to the Reserve Bank of Rhodesia, founded on 22 May 1964, but which succeeded the Bank of Rhodesia ...

, the

central bank A central bank, reserve bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union, and oversees their commercial banking system. In contrast to a commercial bank, a central b ...

and national banking regulator.

Location

The headquarters and main branch of the bank are located on the 3rd Floor of Union House, at 60 Kwame Nkrumah Avenue, in downtown

Harare Harare (; formerly Salisbury ) is the capital and most populous city of Zimbabwe. The city proper has an area of 940 km2 (371 mi2) and a population of 2.12 million in the 2012 census and an estimated 3.12 million in its metropolitan ...

, the capital and largest city in Zimbabwe. The geographical coordinates of the bank's headquarters are: 17°49'40.0"S, 31°02'55.0"E (Latitude:-17.827778; Longitude:31.048611).

Overview

, the bank was the largest financial services provider in Zimbabwe, ahead of FBC Bank, Barclays Bank Zimbabwe, Stanbic Bank Zimbabwe and Standard Chartered Zimbabwe. At that time, CBZ Bank's total assets were valued in excess of US$1.992 billion with shareholders' equity of US$188.11 million.

History

The bank was founded in 1980 as the Bank of Credit and Commerce Zimbabwe Limited (BCCZL). In 1991, BCCZL ran into financial difficulty and faced liquidation. The Government of Zimbabwe acquired 100% shareholding in the bank to avert closure of the institution. Following takeover by the government, the bank was renamed Commercial Bank of Zimbabwe Limited. In 2004, bank was re-organized and renamed CBZ Bank Limited. CBZ Bank Limited became a subsidiary of CBZ Holdings Limited, whose shares are traded on the

Zimbabwe Stock Exchange The Zimbabwe Stock Exchange, or ZSE, is the official stock exchange of Zimbabwe. Its history dates back to 1896 but has only been open to foreign investment since 1993. The exchange has about a dozen members, and currently lists 63 equities. The ...

. In the second quarter of 2010, CBZ Bank merged its operations with those of CBZ Building Society, a process that required regulatory approval. The Reserve Bank of Zimbabwe approved the merger in October 2012 and the process was concluded in February 2013.

Ownership

According to the December 2017 Annual Report of the CBZ Holdings Limited (CBZ Group), whose shares of stock are traded on the Zimbabwe Stock Exchange, the major shareholders in the Group were as listed in the table below: {, style="font-size:100%;" , - , width="100%" align="center" , Shareholding in CBZ Bank Group Limited , - valign="top" , {, class="wikitable sortable" style="margin-left:auto;margin-right:auto" ! style="width:2em;" , Rank !! Shareholder !!Percentage Ownership , - , 1, , CBZ Holdings Limited, , 24.58 , - , 2, , Government of Zimbabwe, , 16.01 , - , 3, , Libyan Foreign Bank, , 14.06 , - , 4, , National Social Security Authority of

Zimbabwe Zimbabwe (), officially the Republic of Zimbabwe, is a landlocked country located in Southeast Africa, between the Zambezi and Limpopo Rivers, bordered by South Africa to the south, Botswana to the south-west, Zambia to the north, and ...

, , 11.71 , - , 5, , PIM Nominees (Private) Limited, , 6.70 , - , 6, , Old Mutual Life Association Company Zimbabwe Limited, , 5.45 , - , 7, , Stanbic Nominees (Private) Limited–NNR , , 4.34 , - , 8, , PIM Nominees–NNR, , 1.72 , - , 9, , SCB Nominees, , 1.53 , - , 10, , Stanbic Nominees (Private) Limited, , 1.42 , - , 11, , Others , , 12.48 , - , , Total, , , , 100.00 , -

Branches

As of 30 June 2014, CBZ Bank Limited maintained a network of branches at 66 locations in all major urban centres of Zimbabwe.

References