Published by the government of Zimbabwe
31 December 2008
Harare — CFX Bank managing director and chief executive Mr Onesimo Mukumba has resigned.
The move, according to sources, was "in response" to Reserve Bank of Zimbabwe Governor Dr Gideon Gono' decision to dissolve some executive directors of the bank.
Head of corporate and agriculture banking Mr Sydney Chakuchichi becomes the acting managing director.
Last month, Dr Gono declared the bank's management "unfit and improper" to work in any banking institution in Zimbabwe or sit on any banking institution's board for the next five years after new serialised bank notes issued to the bank were found on the illegal parallel market prior to the date of the launch.
"He resigned as the managing director of the bank sometime last week," said one source.
"Mr Chakuchichi is now acting as managing director."
Mr Chakuchichi, however, refused to comment, directing all questions to CFX board chairman Mr Chitando who was not immediately available by the time of going to press
Efforts to get a comment from Mr Mukumba were fruitless.
Mr Mukumba joined CFX Bank in August 2007 following the resignation of Mr Wilson Gwatiringa.
Before his appointment, he was the chief executive and managing director of Standard Chartered Bank of the Gambia between 2001 and 2007.
He has more than 30 years banking experience with the Standard Chartered Group, where he held a number of key and strategic positions in Zimbabwe, Singapore and the UK.
During his tenure, he implemented various modern strategies and expansion programmes to steer the bank out of the 2004 financial crisis.
Mr Mukumba is well-known for having pioneered the first Automated Teller machine statement-based savings products that marked the end of passbook savings and implemented the Standard Chartered bank Visa Electron Debit card in 1997, a first in Africa.
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