CBZ Bank Limited, also CBZ Bank, is a

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

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

central bank A central bank, reserve bank, national bank, or monetary authority is an institution that manages the monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the mo ...

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 city, capital and largest city of Zimbabwe. The city proper has an area of , a population of 1,849,600 as of the 2022 Zimbabwe census, 2022 census and an estimated 2,487,209 people in its metrop ...

, 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 FBC Bank, whose full name is FBC Bank Limited, is a commercial bank in Zimbabwe. It is licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator. Location The main branch and headquarters of the bank are located ...

, 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. 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 Stocks (also capital stock, or sometimes interchangeably, shares) consist of all the Share (finance), shares by which ownership of a corporation or company is divided. A single share of the stock means fractional ownership of the corporatio ...

are traded on the Zimbabwe Stock Exchange, the major shareholders in the Group were as listed in the table below:

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