BancABC

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BancABC
Type
Private company
IndustryFinancial Services
Founded1997 (1997)
HeadquartersHarare, Zimbabwe
Key people
Blessing Mudavanhu
ProductsLoans, Investments, Mortgages
ParentAtlas Mara Limited
Websitewww.bancabc.com

BancABC is a financial institution in Zimbabwe. It is part of the ABC Holdings Limited, a pan-African financial services provider, headquartered in Gaborone, Botswana. The bank was founded in 1956 as First Merchant Bank of Zimbabwe (“FMBZ”) was by Anglo American Corporation Zimbabwe Limited.

ABC Holdings Limited is the parent company of other similar banks operating under the BancABC brand in sub-Saharan Africa countries (Botswana, Mozambique, Tanzania and Zambia. ABC has a primary listing on the Botswana Stock Exchange and a secondary listing on the Zimbabwe Stock Exchange.

Background

BancABC was created in 2000 through a merger of First Merchant Bank Zimbabwe (FMB), UDC and Bard group of Companies. FMB had previously merged with Heritage Investment Bank, a small Merchant Bank in 1997. Originally, the bank focused exclusively on corporate and wholesale banking. In 2008 the bank started to expand into the retail banking space, developing a comprehensive set of retail services including SME and micro lending products. This expansion which was funded entirely from internal resources, has accelerated the bank’s growth in recent years.


History

  • 1956 First Merchant Bank of Zimbabwe (“FMBZ”) was established by Anglo American Corporation Zimbabwe Limited

Ownership

ABC Holdings Limited is a wholly owned subsidiary of Atlas Mara Limited. During the third quarter of 2014, Atlas Mara completed the acquisition of BancABC and of African Development Corporation (ADC). Following the transactions, Atlas Mara owns 100 percent in BancABC; 62.25 is direct shareholding and 37.75 percent is indirect shareholding through African Development Corporation (ADC).[1] In December 2014, a new board of directors and a new team of senior managers began taking over the company, to reflect the new shareholding.[2]

References

  1. RNS (9 December 2014). "Atlas Mara Co-Nvest Limited: Total Voting Rights". London: Investis.com Quoting Regulatory News Service (RNS). Retrieved 11 October 2016.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  2. Business, Reporter (9 December 2014). "Management Shake-Up At BancABC". The Herald (Zimbabwe). Retrieved 12 December 2014.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>