Union hails CBZ’s labour relations policy ahead of merger

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By Alois Vinga

THE Zimbabwe Banks and Allied Workers Union (ZIBAWU) has commended CBZ Holdings Limited for employing sound labour relations hinting that there were no outstanding and contentious labour concerns from the entity’s workers ahead of an amalgamation.

The remarks come on the back of CBZ Holdings Limited’s board announcement this week informing all shareholders and the investing public on the approved merger of the CBZ Bank Limited and CBZ Building Society into one entity, CBZ Bank Limited.

“We further advise that on May 20 2022, the Finance Minister, Mthuli Ncube approved the amalgamation of CBZ Bank Limited and CBZ Building Society as required in terms of section 25(5) of the Banking Act(Chapter 24:20).

“Following the approval of, a public notice was issued in the Gazette on 12 August 2022, in terms of section 25 (6) of the Banking Act (Chapter 24:20) advising of the approval of the amalgamation.

“The company has now surrendered the Building Society licence to the registrar of Building Societies for cancellation in terms of Section 14 (3) of the Building Societies Act,” the CBZ group legal corporate secretary, Rumbidzai Jakanani said.

She further advised that the company intends to finalise and operationalize the amalgamation effective September 30 2022, a development which is going to take place through consolidation of all assets and liabilities into one entity.

Such developments in different entities across the economic sectors have normally left workers jobless or stranded due to changed circumstances.

But contacted for comment and quizzed on workers safety in the process, ZIBAWU secretary general, Peter Mutasa said no such details had reached his office so far.

“We are waiting for the workers committee to raise any issue. CBZ has good industrial relations than other banks. It engages its workers committee on most issues. I will give our comments once they appraise us,” he said.