29 May 2018

Zimbabwe: CBZ Appoints New CEO

The country's biggest banking institution CBZ Holdings Limited has announced the appointment of Dr Blessing Mudavanhu as the group chief executive officer with effect from June 1, 2018.

Dr Mudavanhu has over 15 years experience in the regional and international financial services markets.

He has qualifications from the USA and also worked at BancABC where he acted as group chief executive officer for 2 years.

Mr Mudavanhu replaces Mr Never Nyemudzo who retired from the position in October 2017. Mr Nyemudzo had been at the helm of the Group for three years after replacing former CEO Dr John Mangudya who was appointed Reserve Bank of Zimbabwe governor on May 1, 2014.

Mr Peter Zimunya, who is the managing director of CBZ Bank, has been the acting CEO since Mr Nyemudzo's departure. In the first quarter of the 2018 financial year, the bank's total deposits increased by 1,2 percent to $1,83 billion compared to $1,8 billion prior year same period.

Management attributed this growth to a 26 percent increase on savings deposits, which was in line with the group's focus on mobilising retail deposits to manage cost of funds.

The value of transactions processed by its flagship CBZ Bank reached $7,7 billion during the quarter under review compared to $6,2 billion same period last year.

And CBZ Bank's number of accounts increased to 214 000 by the close of Q1 2018, from 205 000 in the prior comparable period.

The group's wealth management subsidiary, Datvest is the fourth largest of 16 asset management companies in Zimbabwe.

According to the group's latest figures funds under management at Datvest account for 5,8 percent of the local market share. Funds under management increased to $237 million from $148 million despite subdued performance on the stock market during the quarter.

CBZ Insurance and CBZ Life both account for 7 percent of the market share, respectively.

Gross Written Premium for CBZ Insurance and CBZ Life comprise 5,3 percent and 2,6 percent of their markets, respectively.

Insurance assets increased to $9,6 million from $8,3 million attributed to progression in underwritten business.

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