Agribank CEO Malaba retires

Michael Tome and Kiyara Matambanadzo

Agribank chief executive Mr Sam Malaba has retired after 16 years at the helm of the financial institution.

He was appointed CEO in May 2004 after serving as the Deputy Governor of the Reserve Bank of Zimbabwe (RBZ) for six years from August 1998 to April 2004.

His appointment as RBZ Deputy Governor came after 16 years of service at different senior levels within the Central Bank.

Mr Malaba is an economist who obtained a Bachelor of Science in Economics degree from the University of Zimbabwe.

He furthered his studies in the United Kingdom where he acquired a Masters in Economics from the University of Manchester.

He has also served on secondment to Government as Secretary in the National Economic Planning Commission under the Office of the President and Cabinet from 1996 to 1997.

A letter announcing Mr Malaba’s retirement read: “We wish to advise that Somkhosi Mahamba Temba Malaba retired from the position of chief executive officer for the bank effective 31 January 2020.

“Elfas Chimbera, the executive director finance, will be acting as the CEO of Agribank effective February 1, 2020 pending the appointment of a substantive CEO.”

Mr Chimbera has a Bachelor of Accountancy Degree from the University of Zimbabwe and a Masters in Business Administration Degree from the same institution.

He is also a Chartered Accountant and a member of the Institute of Chartered Accountants of Zimbabwe, with over 17 years senior financial management experience, 11 of which were in the financial services sector.

Mr Malaba held many positions throughout his career.

He was the vice chair of the Sadc/DFRC board of trustees from 2008 to 2009, Lupane State University council chair since 2007, Institute of Bankers (Zimbabwe) council chair from 2008 to 2014 and Fidelity Printers & Refiners Limited director from 1998 to 2004.

He also sat on the Deposit Protection Scheme board from 1998 to 2004, St Lucia Park board from 2000 to 2004, PTA Bank 1993 to 1995, Zimbabwe Development Bank board 1988 to 1993 and was the Bankers Association of Zimbabwe president from 2014 to 2016.