Ecobank Zimbabwe

Ecobank Zimbabwe Limited (EZL), 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
Subsidiary
IndustryFinancial Services
Founded2002 (2002)[1]
HeadquartersHarare, Zimbabwe
Key people
Fortune Chisango(Chairman), Moses Kurenjekwa (Managing Director & CEO)
ProductsLoans, transaction accounts, Savings, Investments, Debit Cards
Revenue Aftertax:US$1.2 million (H1:2013)
Total assetsUS$120.2 million (June 2013)
ParentEcobank
Websitewww.ecobank.com

Ecobank Zimbabwe is a small financial services provider in Zimbabwe, serving large corporate clients, upscale retail customers and medium to large business enterprises. The company’s 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.[2]

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 a price of 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.[3] The Reserve Bank of Zimbabwe granted EBZ a commercial banking license, effective 15 May 2012.[4]

Ownership

Ecobank Zimbabwe is a subsidiary of Ecobank Transnational, the Pan African bank with headquarters in Lome, Togo and a presence in over 30 African countries.[5] Other shareholders in the Zimbabwean subsidiary are shown in the table below:[6]

Ecobank Zimbabwe Stock Ownership
RankName of OwnerPercentage Ownership
1Ecobank Transnational62.00
2Consortium of Zimbabwean Investors38.00
Total100.00

Branch network

As of January 2012, the bank maintains a network of 15[7] operational branches, at the following locations:[8]

  1. Head Office - 2 Piers Road, Harare
  2. Borrowdale Branch - Block A, Sam Levy’s Office Park, 2 Piers Road, Borrowdale, Harare
  3. Bradfield Branch - Stand 16433, Shops 3&4, Zonkizizwe Shopping Centre, Hillside Road, Bradfield, Bulawayo
  4. Chiredzi Branch - Stand 360, Mopani Drive, Chiredzi
  5. Joina City Branch - Shop U14, Innez Terrace at Jason Moyo Avenue, Harare
  6. Mbare Branch - Shops 1&2, Stand 29629, Farmer's Market, Mbare, Harare
  7. Nelson Mandela Branch - 35 Nelson Mandela Avenue, Harare
  8. Parkade Centre Branch - 5 Parkade Centre, Fife Street at 9th Avenue, Bulawayo
  9. Samora Machel Branch - 137 Samora Machel Avenue, Harare
  10. Chitungwiza Branch - Chitungwiza[9]
  11. Mutare Branch - 2A Fidelity Centre, Herbert Chitepo Street, Mutare
  12. Msasa Branch - Msasa, Harare
  13. Graniteside Branch - Graniteside, Harare
  14. Kweke Branch - Beverly house Robert Mugabe way Kwekwe
  15. Bindura Branch - Robert Mugabe way
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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. Nyakazeya, Paul (17 January 2013). "Zimbabwe: Ecobank Indigenised, Targets Increasing Market Share". Financial Gazette (Harare). Retrieved 6 September 2017.
  8. Branch Network of Ecobank Zimbabwe
  9. Moyo, Roman (19 December 2013). "Zimbabwe: Ecobank Extends Zimbabwe Footprint". New Zimbabwe (London). Retrieved 6 September 2017.
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