Financial Gazette (Harare)
Shame Makoshori
16 May 2008
Harare — ZIMBABWE Allied Banking Group (ZABG)'s chief economist David Mupamhadzi has been appointed group treasurer at the financial institution.
He replaces Andy Hodges who resigned from the post last year under controversial circumstances.
Mupamhadzi had until now been the senior executive in charge of treasury since Hodges quit the post in September.
The Financial Gazette understands that ZABG had already made proposals to the Reserve Bank of Zimbabwe (RBZ) for Mupamhadzi to take over from Hodges but was still waiting for the central bank's response.
"Once the approval from the RBZ is granted, he will automatically be appointed group treasurer," our source said.
"We are just waiting for the approval, then he can take over," the source added.
It was not possible to get comment from ZABG chief executive officer Stephen Gwasira. ZAGB, which became operational in 2005, is an amalgamation of three failed banks.
The three banks were Royal Bank, Barbican Bank and Trust Bank. Trust and Royal are contesting the amalgamation of their assets into ZABG, alleging the central bank did not follow the due process during the formation of the bank and that private property rights were infringed.
Mupamhadzi holds a BSc in Economics from the University of Zimbabwe obtained in 1997.
He also obtained an Msc in Economics and a Master of Business Administration from the same university.
Apart from contributions to influential financial and economic journals in the region, Mupamhadzi has accumulated a wealth of experience in the banking sector gained from his days at Century Holdings, Trust Holdings and at the regional financial powerhouse, African Banking Corporation.
Hodges had been with ZABG since its formation in 2005.
Media reports last year said he had been forced to quit the influential post after the discovery of anomalies in foreign currency transactions handled by the bank.
The reports, which he denied, alleged he had abused ZABG systems to make margins from the foreign currency transactions with clients.
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