Agribank

From Pindula
Agribank
Type
Parastatal
IndustryFinancial Services
Founded1999 (1999)
HeadquartersHarare, Zimbabwe
Key people
Somkhosi Malaba (CEO)
ProductsLoans, Savings, Transaction accounts, Investments, Debit Cards, Credit Cards, Mortgages
Websitewww.agribank.co.zw

Agribank (full name Agricultural Development Bank of Zimbabwe), is a government owned financial institution in Zimbabwe mandated to develop the agricultural sector in the country.

Agribank is middle-tier financial services provider that provides commercial, retail, corporate, and international banking services in Zimbabwe. It offers agricultural loans, in addition to other retail, advisory, treasury and investment services, including foreign currency and money transfer services. As of December 2011, the valuation of the bank's total assets was reported to be US$102.8 million, with shareholders' equity of US$15.1 million.

History[edit]

Agricultural Development Bank of Zimbabwe was established as a commercial bank in 1999, according to the website of the Reserve Bank of Zimbabwe. Before that, it was known as Agricultural Finance Corporation, which was formerly known as Land and Agricultural Bank, an institution that was established in 1925. In 2003, Agribank transformed into an agricultural development bank, with emphasis on making agricultural loans, but it kept its commercial bank license and function.[1]

Ownership[edit]

Agribank is 100% owned by the Government of Zimbabwe. The table below outlines the shareholding in the bank between the various government ministries.

References[edit]