3 October 2015
New Zimbabwe Header
Court backs shoplifting Harare model
Egypt backs Russians Syria intervention
10,000 ghost workers to stay, Zhuwao
Furious Phil denies killing Byo industry
Cuthbert Dube finally resigns from Zifa
Govt stuck after Moz refuses to take illegal
Lebanese ‘investor’ ordered out of Zim
Man tries to excise ‘witch’ gran’s boobs
Chinamasa reforms win IMF praise
Mawere: Letter to Strive Masiyiwa
UK: ZIWA awards to be streamed live
Jumpsuit theft model a liar, says Edgars
Mangwiro wary of ZPC Kariba
Mahachi cleared for Golden Arrows
Ncube weekly: Zim’s social safety net
Power retention: Zim’s passport to hell
Zimbabwe: Backs to the wall, waiting
Regime change inevitable Cde Mugabe
NMB bank raises US$16 million
19/02/2013 00:00:00
by Business Reporter

NMBZ Holdings says it has raised about US$16 million in fresh capital from foreign investors as the bank looks to get involved in the country’s agricultural and mining sectors.

The group said three strategic investors, the Tunisia-based AfricInvest Capital Partners, Datch Development Bank FMO and Norwegian development Financier, Norfund had helped recapitalise the bank in return for a 26.97 percent stake.

Chairman Tendayi Mundawarara said the development would enable group's banking unit to extend credit to mining and agriculture, two of the sectors firing the country’s economic recovery.

The strategic investment would also help the group meet new capitalisation requirements introduced by the Reserve Bank of Zimbabwe (RBZ) requiring banks to increase their capital to at least US$100 million by June 2014 in a phased manner.

NMB Bank had already met the deadline to increase capital to US$25 million by the end of December last year. But the banks are required to increase their capital to US$50 million by June this year and US$75 million by year end.

Dually listed on the Zimbabwe Stock Exchange and in London, the bank said it had also been granted full fungibility for up to 40 percent of its stock by the central bank.

“The granting of full fungibility for NMBH shares allows those of our investors who may wish to trade in and out of NMB shares to do so on the same terms and price, whether they buy them in London or in Zimbabwe,” CEO James Mushore said.

On Tuesday shareholders also approved resolutions aimed at consolidating and increasing the bank’s share capital by an additional 103 million shares to facilitate the tie-up with the strategic partners.


Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it






Face Book


comments powered by Disqus
Car shipping to Namibia, Zimbabwe, Botswana, Mozambique, South Africa and Zambia from UK
RSS NewsTicker