April 2013
During a ceremony held at NMB head office in Harare, FMO (the Netherlands Development Finance Company) and Africlnvest (a pan-African investment group) signed agreements, each for the purchase of 8.99% of NMBZ’s shares. This issuance of new shares is meant to help NMB Bank strengthen its capital base, supporting the growth of the bank and helping it to comply with recently-increased minimum capital criteria. The investment is part of a total package of capital injections that also includes Norfund (the Norwegian development institution). In addition to their financial contribution, the investors plan to contribute to the bank’s development by nominating top-level experienced board members and by providing technical assistance in areas requiring further strengthening.
The signing ceremony was well attended by the Ambassador of the Netherlands to Zimbabwe, Mrs H M B Joziasse, NMB and NMBZ top management and directors, representatives of FMO and Africlnvest, and representatives of the local press. The Ambassador’s attendance underscored the importance of the ties between the Netherlands and Zimbabwe, both in terms of business and development cooperation.
Speaking at the ceremony on behalf of FMO, Decio Tractenberg (Senior Investment Officer) commented: “For FMO, this equity investment cements a relationship with NMB Bank that has been developing over the last three years. An equity participation is the logical next step after concluding a loan term financing facility in 2011 and providing a trade finance facility earlier this year. With a unique combination of excellent management, strong local roots and world class international shareholders, NMB is well-positioned to become one of the top banks in Zimbabwe.”
“With a unique combination of excellent management, strong local roots and world class international shareholders, NMB is well-positioned to become one of the top banks in Zimbabwe.”
James Mushore, Group Chief Executive Officer of NMBZ stated: “We are delighted that we have been able to attract investors of this calibre to become shareholders in NMB.
This investment speaks volumes of the trajectory that NMB is now pursuing – an enhanced shareholder profile, robust Risk and Corporate Governance systems and a strong management team to propel NMB into the top tier of banks in Zimbabwe.”
Ziad Queslati, Founding Director of Africlnvest said, “I was first in Zimbabwe four years ago and have been impressed by the progress made by the country since then. AfricInvest has a history of supporting sustainable development of African businesses since 1994. We are proud to become a shareholder and a partner to NMB and to contribute with all stakeholders in building it into one of the best-run banks in terms of service offering in the region and increasing its outreach to local SMEs.”
About NMBZ
NMBZ is a Zimbabwean based investment holding company whose principal subsidiary is NMB Bank Limited, a registered commercial bank. The Group has dual listing on the Zimbabwean Stock Exchange and the London Stock Exchange. NMB Bank Limited was established in October 1992. The Bank is led by a strong management team supported by a highly qualified board of directors with diversified skills base. www.nmbz.co.zw.
