31 March 2015
   
New Zimbabwe Header
Feuds affect Marondera service delivery
Party slogans known more than 10 laws
Gumbura in court over prison riots
ANC youths want Kruger statue removed
Mugabe appeals for bottom cleaners’ help
Catholic Bishops back MDC poll boycott
By-elections: Moyo wants 10 elephants
Zim-born twins join Australian army
MORE NEWS
First Bank profits fall 58 percent
Stanchart streamlines, likely to cut jobs
MORE BUSINESS
Chaka Chaka makes Mugabe u-turn
Noah: From Soweto to US TV stardom
MORE SHOWBIZ
SA club snubs Dynamos Captain
Cricket World Cup: Zim highs, lows
MORE SPORTS
West more corrupt than developing nations
Allies of convenience: China’s Xi and Putin
MORE OPINION
 
Zimbabwe: Crisis as an opportunity
The Word Our Victory: Perspectives
MORE COLUMNISTS
 
 
NMB bank raises US$16 million
19/02/2013 00:00:00
by Business Reporter
 
 
RELATED STORIES

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.



Advertisement


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

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark
 
 
 
comments powered by Disqus
 
RSS NewsTicker