Afrasia Bank Zimbabwe Limited
TypePrivate
IndustryFinancial services
Founded1997 (1997)
Defunct2015 (2015)
FateClosed its banking services in Zimbabwe and moved to Mauritius
Headquarters
Harare
,
Zimbabwe
Key people
Sibusisiwe Bango (Group Chairman)[1]
ProductsLoans, Checking, Savings, Investments, Debit Cards
RevenueUS$3.3 million (2012)
Total assetsUS$201 million (2012)
ParentAfrAsia Bank Limited
Websitewww.afrasiabank.com

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

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

The AfrAsia Bank Zimbabwe Group included the following bank subsidiaries:[6]

  1. AfrAsia Capital Management (Private) Limited
  2. MicroKing Finance Limited - A microfinance company

Shareholding

As of October 2013, shareholding in the stock of the bank, is as depicted in the table below:[7][8]

Afrasia Bank Zimbabwe Limited Stock Ownership
RankName of OwnerPercentage Ownership
1AfrAsia Bank Limited of Mauritius54.0
2Others46.0
Total100.00

See also

References

  1. ↑ Sibusisiwe Bango Is Group Chairman
  2. ↑ List of Registered Banking Institutions In Zimbabwe Archived 2012-04-17 at the Wayback Machine
  3. ↑ "AfrAsia Bank ceases banking operations in Zimbabwe". Africa Global Funds. 4 March 2015.
  4. ↑ "Zimbabwe: Kingdom Seals Deal With AfrAsia Bank Bank". The Herald (Harare). 24 January 2012. Retrieved 6 September 2017.
  5. ↑ Nigel Chanakira Sells His 30% Stake In Afrasia Kingdom Zimbabwe
  6. ↑ Moyo, Roman (30 November 2013). "Zimbabwe: New Era for AfrAsia Zimbabwe Group". New Zimbabwe (London). Retrieved 6 September 2017.
  7. ↑ "Zimbabwe: Chanakira Gets U.S $12 Million for Kingdom Exit". New Zimbabwe (London). 22 October 2013. Retrieved 6 September 2017.
  8. ↑ "AfrAsia ups Kingdom stake | The Herald". www.herald.co.zw. Retrieved 6 September 2017.
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