Categories: Zim Latest

CBZ to become a Pan African bank as plans to takeover ZB Holdings gather steam

Commercial Bank of Zimbabwe (CBZ)’s planned acquisition of ZB Holdings is currently before the Competition and Tariff Commission.

The move comes at the time CBZ is also acquiring First Mutual Life FML Holdings.

CTC approved three mergers in the fourth quarter of 2022, including the acquisition by CBZ Holdings (CBZ) of a majority interest in First Mutual Holdings Limited (FMHL) and OK Zimbabwe swoop for Food Lovers Market.

Zimbabwe Stock Exchange-listed financial services provider, CBZ, said the transaction was designed to create a pan – African bank starting with the merger with FMHL.

CBZ acquired 31,22 percent of FMHL from NSSA and according to the terms of the contract, the consideration being a blend of cash and a share swap under a 30/70 ratio.

The rationale behind the share swap was to leverage CBZ’s strong share price on the Zimbabwe Stock Exchange and use it as currency for this transaction.

Zwnews

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