ZABG will rebrand to Allied Bank in response to customers expectations after a major restructuring of its shareholding, board chairman Farai Mutamangira said last week.<\/p>\n
An investment vehicle, Trebo & Khays, owned by Mines and Mining Development minister, Obert Mpofu, bailed out the bank from closure early this year by agreeing to invest under an asset-backed transaction.<\/p>\n
The bank was tottering on the brink of closure after failing to secure an investor to help the institution meet the then minimum capital requirements of US$12,5 million.<\/p>\n
The rebranding exercise was recently approved by the bank’s board and the Reserve Bank of Zimbabwe (RBZ) last week gave the institution the go-ahead to proceed with the process.<\/p>\n
Mutamangira said the board had realised that the old brand would not carry the organisation forward, as most customers were expecting a new outlook.<\/p>\n
“We are reacting to expectations of our customers. Most banks that have taken massive restructuring and shareholding level had to rebrand,” he said.<\/p>\n
Kingdom rebranded into AfrAsia Kingdom after a Mauritian bank acquired a 35% shareholding in the institution, ReNaissance Merchant Bank was transformed into Capital Bank when the National Social Security bought 84% of the entity.<\/p>\n
Mutamangira said the rebranding infuses “new energies into our efforts to grow the bank”.<\/p>\n
Mutamangira said the bank was on course to meet the first phase of minimum capital requirements deadline of US$25 million by December 31.<\/p>\n
Commercial banks are supposed to have minimum capital of US$50 million by June 30 next year, US$75 million by December the same year and US$100 million by June 30 2014.<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"
ZABG will rebrand to Allied Bank in response to customers expectations after a major restructuring of its shareholding, board chairman Farai Mutamangira said last week. An investment vehicle, Trebo & Khays, owned by Mines and Mining Development minister, Obert Mpofu, bailed out the bank from closure early this year by agreeing to invest under an asset-backed transaction. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-237765","post","type-post","status-publish","format-standard","category-business"],"yoast_head":"\n