NMB Bank Limited

NMB Bank Limited, previously known as National Merchant Bank of Zimbabwe Limited, is a commercial bank in Zimbabwe. It is licensed by the Reserve Bank of Zimbabwe, the central bank of that country and the national banking regulator.[3]

Not to be confused with NMB Bank Nepal or National Microfinance Bank in Tanzania.

NMB Bank Limited
TypePrivate
LSE: NMB
IndustryFinancial Services
Founded1993 (1993)
HeadquartersHarare, Zimbabwe
Key people
Benedict A. Chikwanha
Chairman
Benefit Peter Washaya
Chief Executive Officer
ProductsLoans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages
RevenueAftertax:US$10.3 million (2017)[1]
Total assetsUS$422.6 million (2017)[1]
Number of employees
346 (2018)[2]
WebsiteHomepage

Location

The headquarters of this bank and its main branch, are located on the First Floor of Unity Court, at the corner of Kwame Nkrumah Avenue and First Street, in Harare, the capital and largest city of Zimbabwe.[2] The geographical coordinates of the headquarters of NMB Bank Limited are:17°49'40.0"S, 31°02'56.0"E (Latitude:-17.827778; Longitude:31.048889).[4]

Overview

The bank is a medium-sized financial services institution, that serves large corporations, small to medium enterprises (SMEs), as well as individuals. As of December 2017, the bank's total assets were valued at US$422.6 million, with shareholders' equity valued at US$65.65 million.[1]

History

NMB Bank Limited was founded in 1993 by Zimbweans. At that time it was under the name National Merchant Bank of Zimbabwe. In June 1993, the bank was registered as an accepting house under the Banking Act. In 1997, the NMBZ Group was listed on the Zimbabwe Stock Exchange and simultaneously on the London Stock Exchange. In December 1999, NMB Bank was granted a commercial banking licence. It commenced commercial banking services in July 2000.[2][5][6]

In 2013, FMO, Norfund and AfricInvest, jointly invested US$14.8 million in NMB Holdings Limited, the parent company of NMB Bank, for a collective shareholding of 27 percent.[7]

Ownership

The bank is a 100% subsidiary of NMBZ Holdings Limited (NMBZ), a Zimbabwean investment and holding company. NMB Bank Limited is the principal subsidiary of NMBZ. The stock of the holding company is listed on the Zimbabwe Stock Exchange and on the London Stock Exchange. As of December 2017, the shareholding in the stock of the holding company is as illustrated in the table below:[1]

Shareholding in NMB Holdings Limited
RankShareholderPercentage Ownership
1African Century Financial Investments Limited18.50
2Arise BV*17.96
3AfricInvest Financial Sector Holding8.38
4Old Mutual Life Assurance Company of Zimbabwe Limited7.45
5Old Mutual Zimbabwe Limited6.90
6Lalibela Limited5.59
7Alsace Trust4.39
8Cornerstone Trust4.38
9Wamambo Investments Trust3.52
10Drakmore Investments Private Limited2.85
6Others19.49
Total100.00
  • Note:Arise BV is a special purpose vehicle company, formed in 2016 and co-owned by Norfund, FMO and Rabobank. Arise invests in African financial institutions.[8]

Branch network

As of December 2017, the bank maintained a network of 14 branches.[1]

See also

References
  1. NMB Holdings Limited (14 March 2018). "NMB Holdings Limited Audited Annual Report for the Year Ended 31 December 2017". Harare: NMB Holdings Limited. Retrieved 15 May 2018.
  2. Reserve Bank of Zimbabwe (9 May 2018). "Profile of NMB Bank Limited". Harare: Reserve Bank of Zimbabwe. Retrieved 15 May 2018.
  3. Reserve Bank of Zimbabwe (15 May 2018). "List of Registered Banking Institutions". Harare: Reserve Bank of Zimbabwe. Retrieved 15 May 2018.
  4. Google (15 May 2018). "Location of the headquarters of NMB Bank Limited, Kwame Nkrumah Road, Harare" (Map). Google Maps. Google. Retrieved 15 May 2018.
  5. NMB Bank Limited (15 May 2018). "About NMB Bank Limited". Harare: NMB Bank Limited. Retrieved 15 May 2018.
  6. Omen Muza (20 June 2013). "NMB Bank Limited @20". Newsday. Harare. Retrieved 15 May 2018.
  7. Financial Gazette Reporter (11 April 2013). "Zimbabwe: NMB Meets June 2013 Capital". The Financial Gazette. Harare. Retrieved 15 May 2018.
  8. Staff Writer (14 February 2017). "Europe's Arise BV hits ground running with CAL Bank acquisition". Asokoinsight.com. Retrieved 15 May 2018.
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