Ecobank Zimbabwe

Ecobank Zimbabwe
TypeSubsidiary
IndustryFinancial services
Founded2002 (2002)
HeadquartersHarare, Zimbabwe
Key peopleFortune Chisango (chairman), Moses Kurenjekwa (managing director & CEO)
ProductsLoans, transaction accounts, savings, investments, debit cards
RevenueIncrease Aftertax:US$1.2 million (H1:2013)
Total assetsUS$120.2 million (June 2013)
ParentEcobank
Websitewww.ecobank.com

Ecobank Zimbabwe Limited (EZW) is a commercial bank in Zimbabwe. It is one of the commercial banks licensed by the Reserve Bank of Zimbabwe and a subsidiary of Togo-based Ecobank.

Ecobank Zimbabwe is a small financial services provider, serving large corporate clients, upscale retail customers and medium to large business enterprises. Its services include personal banking, business banking, global banking and agricultural finance. As of June 2013, the bank's shareholders' equity was estimated at US$42.8 million, and total assets were valued at US$120.2 million.

History

The bank was established in 2002 as Premier Finance Group, a merchant bank.

In January 2011, Ecobank Transnational acquired majority shareholding in Premier Finance Group, at US$10 million. Following the change in ownership, the institution rebranded to Ecobank Zimbabwe in May 2011. It also requested and was granted permission to change its merchant banking license to a commercial banking license. The Reserve Bank of Zimbabwe granted EBZ a commercial banking license, effective 15 May 2012.

Ownership

Ecobank Zimbabwe is a subsidiary of Ecobank Transnational, the Pan African bank with headquarters in Lomé, Togo and a presence in over 30 African countries. Other shareholders in the Zimbabwean subsidiary are shown in the table below:

Ecobank Zimbabwe stock ownership
RankName of ownerPercentage ownership
1Ecobank Transnational62.00
2Consortium of Zimbabwean investors38.00
Total100.00

Branch network

As of June 2024, the bank maintains a network of 12 operational branches, at the following locations:

See also

References

  1. ↑ Founded In 2002 As Premier Finance Group
  2. ↑ "Zimbabwe: Good Times Roll for Ecobank". The Herald (Harare). 27 August 2013. Retrieved 6 September 2017.
  3. ↑ Ndlela, Dumisani (9 May 2011). "Zimbabwe: Premier Finance Group Rebrands". Financial Gazette (Harare). Retrieved 6 September 2017.
  4. ↑ "Zimbabwe: Ecobank Goes Into Commercial Banking". The Herald (Harare). 23 May 2012. Retrieved 6 September 2017.
  5. ↑ "Ecobank Opens New Head Office in Lome, Togo". Ecobank (Lome). 29 June 2011. Retrieved 6 September 2017.
  6. ↑ Madera, Bright (5 August 2011). "Zimbabwe: We're Fully Capitalised - Ecobank". The Herald (Harare). Retrieved 6 September 2017.
  7. ↑ "Ecobank - Locator".