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Browsing: BancABC
Oliver Chidawu had been the founding shareholder of an outfit called Heritage Investment Bank, and Douglas Munatsi was the founder of First Merchant Bank. Chidawu, in that period, also acquired a substantial portfolio of shares of companies listed on the Zimbabwe Stock Exchange. His portfolio comprised furniture retail and manufacturing companies as well as the manufacture and distribution of agricultural inputs.
In the 2000s, Chidawu was at his zenith. He had a portfolio of thriving businesses and had board seats on several Zimbabwe Stock Exchange listed companies like ABC Holdings Limited, Zimplow Limited, and Bindura Nickel Corporation.
Things started to go badly in the 2010s. Chidawu had made an unsuccessful expansion of his construction outfit to the United Kingdom. A difficult business environment coupled with expensive and unsustainable loans saw the businessman lose some of his prized interests.…
Equity Group Holding announced it had entered into an agreement with the Commercial bank of the Congo Banque commercial du Congo by assets.
The regional lender aims at merging its business with that of the existing Congolese subsidiary. It is on course to establish a presence in ten African countries with a cautious entry into Zimbabwe which is currently weighed down by a volatile exchange rate and hyperinflation.
The takeover of the Zimbabwean lender BancABC (Zimbabwe) which serves both corporates and retail was part of Equity’s grand Atlas Mara deal. With the deal, Equity gains entry into two additional countries Zambia and Mozambique through acquisitions.
BancABC is officially known as ABC Holdings and is a fully owned subsidiary of Atlas Mara which acquired the bank in 2014 for an estimated $265 million. It has subsidiaries in Mozambique, Tanzania, Zambia and Zimbabwe.
Also Read: Equity bank joins top financial institutions to
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Equity Bank has posted a 5.1 per cent rise in its profit for the first quarter of the year as the SMEs —focused—lender continues to navigate the interest rate cap regime in Kenya and a loan default trend in Tanzania.
The Nairobi Security Exchange (NSE) listed bank recorded a Ksh6.2 billion (USD61.3 million) net profit for the period, up from Ksh5.9 billion (USD58.4 million) in a similar period last year, buoyed by interest income and cost management.
READ:Equity net profit grows to Ksh19.8 billion on FinTech
Interest income from loans and advances rose to Ksh9.1 billion (USD 90million) up from Ksh8.7 billion(USD86 million) last year as the lender’s loan book swelled to Ksh305.5 billion (USD3.02 billion ) compared to Ksh271.1 billion (USD2.7 billion ) in March last year.
Interest earned from government securities equally went up to close the quarter at Ksh4.1 billion (USD40.5 million), compared to Ksh3.7 billion …