CBZ, ZB hint on potential merger

Business Reporter

GIANT financial institutions, CBZ and ZB Holdings Limited have notified their shareholders of separate potential acquisitions that could have an impact on securities prices.

In a cautionary statement, ZB Holdings, which is in a rebranding phase, said negotiations that could have material impact on its securities prices are ongoing.

“ZB Holdings Limited advises its shareholders that one of its company’s shareholders is engaged in negotiations for a potential acquisition of a control block of securities, which if concluded successfully, may have a material effect on the companies’ securities price,” reads part of the statement.

To that end, the bank said shareholders should exercise caution when dealing with its securities.

This comes at a time when the bank is embarking on a major rebranding exercise, which will see the group adopting a new model that will centralise operations within branches.

The bank says the process will transform its operations in ways that will deliver convenience and increased value.

Customers, under the “Peregrine Shift” transformation programme will access all services from one touch point.

On its part, CBZ said negotiations for a potential acquisition were also on going. Zimbabwe’s largest financial services group by assets, recently declared a $1 billion dividend for the year ended 31 December 2021.

The dividend will be payable in full to all shareholders of the company registered as at the close of the business on June 24, 2022.