Gvt seeks to merge 6 banks into one entity

Local financial group ZB Holdings has issued a cautionary against a backdrop of a bid by government, in collaboration with bankers and buccaneering business tycoon Kudakwashe Tagwirei, to merge six financial institutions into a new behemoth, as first reported by The NewsHawks.

The merger, which involves CBZ Holdings, ZB Financial Holdings, First Mutual Holdings Limited and First Mutual Properties merger, will create a new financial services company with an asset base of US$2.5 billion.

These plans by the government and bankers for a merger, to create a financial services behemoth with an asset base of US$2.5 billion are now going full steam ahead.

CBZ Holdings, which owns CBZ Bank and other entities, is the core of the proposed merger.

Newshawks