CBZ seeks to merge operations

Business Reporter
CBZ Holdings has sought permission from Treasury to combine the operations of its units, CBZ Bank Limited and CBZ Building Society. In a statement recently, the Reserve Bank of Zimbabwe (RBZ) confirmed the development.

“It is hereby notified, in terms of section 25 (4) of the Banking Act (Chapter 24:20), that CBZ Bank Limited and CBZ Building Society, both incorporated under the laws of Zimbabwe and carrying on banking business, have applied to the Minister of Finance and Economic Development in terms of section 25 (2) of the Banking Act, for his approval of the amalgamation of CBZ Bank Limited and CBZ Building Society,” reads the statement.

Both institutions are subsidiaries of CBZ Holdings Limited.

“In order to facilitate the amalgamation of the two institutions, CBZ Bank Limited and CBZ Building Society’s assets, liabilities and equity, the two institutions propose to consolidate under one entity, CBZ Bank Limited, in conformity with a Memorandum of Agreement that they have entered into.

“Subsequent to the merger, CBZ Building Society will cease to exist as an entity.

“The Memorandum of Agreement in terms of which the amalgamation is to be effected will be open for inspection by members of the public for a period of 21 days from the date of publication of this notice in the Government Gazette at the CBZ Bank Limited…”

The notice was published in the Government Gazette of January 28, 2022.

According to RBZ, anyone with any objection to the proposed amalgamation or intends to make representations or objections in connection the transaction should lodge it, in writing, with the Registrar of Banking Institutions within 21 days of the date of publication of the notice.