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  • Source: Afrasia Bank Zimbabwe Limited

    • 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.
    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.


    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.
    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.
    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:

    AfrAsia Capital Management (Private) Limited
    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:


    See also


    List of banks in Zimbabwe
    Reserve Bank of Zimbabwe
    Economy of Zimbabwe
    FDH Bank


    References

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