Zimbabwe News and Internet Radio

CBZ hunts for new CEO

By John Kachembere

Zimbabwe’s largest financial services group by asset base, CBZ Holdings, has begun the hunt for a new chief executive to replace Never Nyemudzo who retired on December 31, 2017.

Vice President Joice Mujuru (right) at a CBZ Holdings function
Then Vice President Joice Mujuru (right) at a CBZ Holdings function

Nyemudzo, who retired to “pursue personal interests” after leading the institution for only three years, was replaced by CBZ Bank managing director Peter Zimunya on an acting capacity.

“The holding company seeks to engage a dynamic individual to fill the key executive leadership position of group chief executive officer who will form part of the team tasked with formulating and implementing the corporate vision and strategy, enabling it to become a world class entity,” Stanton Chase, a South Africa-based labour recruitment agency contracted by CBZ, said yesterday.

The incumbent, who will be reporting to the board of directors, will be mandated to provide strategic vision, planning and operational leadership to ensure that the financial institution consistently grows shareholder value.

“He or she will have overall accountability, responsibility and authority for the management of all the organisation’s business affairs, in accordance with the strategic plan and objectives adopted and approved by the board, and subject to oversight by the board,” the agency said.

CBZ, which was originally established as the Bank of Credit and Commerce Zimbabwe Limited (BCCZ) in 1980, posted a $12 million profit in the half year to June 2017 due to improved net non-interest income and operating income.

The profit, which was marginally up compared to $11,9 million in the same period in 2016, was achieved under a very difficult operating environment.

The country’s largest banking group, which refocused its vision and restructured before rebranding to CBZ Holdings in 2005, grew its asset base to $2,2 billion in the six months to June last year compared to $2 billion in the previous corresponding period.

In the period under review, non-interest income accounted for 46 percent of the group’s total $80,5 million income, up from 42 percent in 2016.

CBZ’s net interest income increased 2,8 percent to $39,7 million in the half year from 38,6 million achieved in the comparable period last year.

In line with the group’s dividend growth policy and considering the need for prudent capital and liquidity management, CBZ declared an interim dividend of $1,76 million for the half year ended June 30, 2017.

The banking group has since grown over the past four decades through diversification to provide all client segments with a one-stop shopping experience.

The financial institution’s current subsidiaries include CBZ Bank, CBZ Insurance, CBZ Life and CBZ Asset Management, trading as Datvest. DailyNews