|National Merchant Bank of Zimbabwe Limited|
|Founder||James Mushore and others|
|Headquarters||4th Floor Unity Court, Kwame Nkrumah Ave, Harare, Zimbabwe|
|Benedict Chikwanha, Chairman |
Benefit Washaya, CEO
Contact Number (+263) (4) 759651-9
NMB Bank Limited is a registered commercial bank in Zimbabwe. It is the principal subsidiary of NMBZ, a Zimbabwean based investment holding company. The bank was founded in October 1992 by James Mushore and others. The bank's group has a dual listing on the Zimbabwean Stock Exchange and the London Stock Exchange.
History of the Bank
NMB Bank Limited (formerly National Merchant Bank of Zimbabwe Limited) was established in October 1992 by a group of Zimbabwean entrepreneurs who had previously held senior positions in renowned international financial institutions such as the World Bank and the International Finance Corporation. The bank was founded after the liberalization of the Zimbabwean economy and financial sector in the early 1990s.
NMB Bank was registered as an accepting house under the Banking Act in June 1993. Continued growth created the opportunity for a public flotation of the Group, and in early 1997, the NMBZ Group was listed on the Zimbabwe Stock Exchange and simultaneously admitted to the Official List of the London Stock Exchange.
In December 1999, NMB Bank was granted a commercial banking licence. This enhanced funding capacity as well as improved product offering. The commercial bank opened its doors to the public in July 2000.
In 2013, Netherlands Development Finance Company, 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.
Resignation of James Mushore
In October 2014 NMB announced that James Mushore would step down as CEO and Director of NMBZ Holdings and NMB Bank due to ill health. Mushore had served as the Group CEO since he had re-joined NMBZ Holdings in 2010. He is a founder member and former Deputy Managing Director of NMB Bank where he headed Corporate Finance, Information Technology and Internal Audit and Marketing departments until February 2004.
Benefit Washaya took over as Chief Executive Officer with effect from 1 November 2014.
- [http://allafrica.com/stories/201304111122.html NMB Meets June 2013 Capital], The Financial Gazette, Retrieved:15 May 2018