This article takes a look at the best banks in Zimbabwe for the wealthy that provide exceptional levels of service to their clientele.
In the course of the last few years, there have been significant shifts not just in the financial sector of Zimbabwe but also in the whole African continent as a whole.
There is no question that the epidemic caused by the COVID-19 virus has sped up the process of the financial sector’s transition to a new paradigm.
The advent of mobile money and an increasing focus on digitalization as a tool to improve operational efficiency and increase customer happiness are two noteworthy developments that have occurred in recent years.
Both of these trends have the potential to bring about significant changes. Customers now have a different experience when interacting with their financial service providers than they had before the closure of branches.
What are the best banks in Zimbabwe for the wealthy that provide the best banking services and experience to wealthy clients?
If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or WhatsApp (+44-7393-450-837).
In general, international investments are better than local ones in Zimbabwe, which is what we help with.
Top Banks in Zimbabwe
Standard Chartered Bank Zimbabwe
Standard Chartered Zimbabwe, sometimes referred to by its full name, Standard Chartered Bank Zimbabwe Limited, is a commercial bank that is active in the country of Zimbabwe.
Standard Chartered utilizes it as a completely owned subsidiary to carry out its operations. The Reserve Bank of Zimbabwe, which operates as both the nation’s central bank and the principal regulatory body for banking activity inside the country, has issued a license to the organization in question. This license is held by the business in question.
The principal office and core facility of Standard Chartered Zimbabwe are both located on the First Floor of the Africa Unity Square Building in the central business area of Harare, the capital and most populous city in Zimbabwe. The exact address is 68 Nelson Mandela Avenue.
Standard Chartered Zimbabwe is a well-known commercial bank that provides services to a varied clientele, which includes important corporate organizations, wealthy retail consumers, and businesses that range in size from medium to large-scale operations.
As of the end of the year 2017, the company had a total asset value of $815.8 million United States dollars, and the equity that was held by the shareholders was worth $84.6 million. Standard Chartered Bank Zimbabwe has a total of 582 workers as of the month of May 2018, when the most recent data was collected.
As the oldest financial organization in Zimbabwe, Standard Chartered Bank Zimbabwe can trace its beginnings all the way back to 1892, when it was first established as Standard Bank. This gives it the distinction of being the oldest financial institution in Zimbabwe.
The current bank was formed in 1969 when the predecessor banks, known respectively as the Standard Bank and the Chartered Bank, merged to form the current institution.
According to the official website of the bank, as of the month of May 2018, Stanchart Zimbabwe said that their client base consisted of more than 90,000 account holders.
The Standard Chartered Bank Group is a global corporation that operates in the financial services industry. Standard Chartered Zimbabwe is an affiliated subsidiary of the Standard Chartered Bank Group.
The organization’s headquarters are located in London, which is located in the United Kingdom. The organization has a worldwide presence in over sixty countries and boasts a network of over 1,700 branches.
Standard Chartered Bank Group is a multinational financial institution that employs more than 86,000 people throughout its vast network of branches.
The ownership of the company’s shares of stock is held by three different corporate entities, as shown in the table below, which is stated on the official website of Standard Chartered Zimbabwe.
CBZ Bank
The CBZ Bank Limited operates as a wholly owned subsidiary of CBZ Holdings (CBZH), which is a publicly traded and diversified financial services firm. CBZ Bank Limited is responsible for all banking operations.
Through its many subsidiaries, CBZH provides clients with access to a complete range of financial services.
These services include banking, short-term and long-term insurance, asset management, securities trading, and property investments.
CBZ Bank Limited, more frequently known simply as CBZ Bank, is a financial organization that functions as a commercial bank inside the boundaries of Zimbabwe. CBZ Bank Limited is a subsidiary of CBZ Bank.
The Reserve Bank of Zimbabwe, which acts as both the country’s central bank and its national regulator for banking operations, has granted a license to this institution, making it one of the many suppliers of financial services that fall under that category.
CBZ Bank Limited, the major company of the group, is a properly registered commercial bank that offers a wide variety of cutting-edge banking and financial services solutions to both individual and corporate clientele.
These banking and financial services solutions cater to the specific needs of each clientele type.
The following distribution methods are used to make these services accessible to users: Retail banking, electronic banking and card services, corporate and merchant banking, agribusiness, advisory services, mortgage finance, trade finance and international banking, wealth management, asset finance, treasury, and custodial services.
The principal branch of the bank as well as the bank’s headquarters are both located on the third floor of Union House, which can be found at 60 Kwame Nkrumah Avenue in the heart of downtown Harare, the nation’s capital city as well as its most populous metropolitan center.
The bank has surpassed FBC Bank, Stanbic Bank Zimbabwe, Barclays Bank Zimbabwe, and Standard Chartered Bank Zimbabwe as of the end of December 2017, when it took over the position of being the most prominent supplier of financial services in Zimbabwe.
During that time period, the total assets held by CBZ Bank were estimated to be worth more than $1.992 billion, while the bank’s shareholders’ equity was estimated to be worth $188.11 million.
1980 was the year that saw the beginning of operations for the bank, which was first referred to as the Bank of Credit and Commerce Zimbabwe Limited (BCCZL).
In the year 1991, BCCZL struggled to meet its financial obligations and was faced with the possibility of going out of business.
The government of Zimbabwe took full control of the bank so that it would not be forced to close. This was done to avoid the economic fallout of the bank’s liquidation.
After being purchased by the government, the financial institution went through a process of rebranding and was eventually rebranded as the Commercial Bank of Zimbabwe Limited.
In 2004, the financial institution went through a period of restructuring, which was followed by a change in the bank’s name to CBZ Bank Limited
In recent years, CBZ Bank Limited has undergone a transition that has resulted in it being a subsidiary of CBZ Holdings Limited. CBZ Holdings Limited is a publicly listed corporation on the Zimbabwe Stock Exchange.
In the second quarter of 2010, CBZ Bank and CBZ Building Society went through a merger, which required them to get regulatory clearance in order to consolidate their activities. This approval was necessary in order to complete the merger.
The Reserve Bank of Zimbabwe gave its approval for the merger in October 2012, and it was subsequently completed in February of the following year.
Stanbic Bank Zimbabwe
Stanbic Bank Zimbabwe Limited is a wholly owned subsidiary of Stanbic Bank Investment Corporation (SBIC), which is in turn owned by Standard Bank Africa and is publicly traded on the Johannesburg Securities Exchange.
Stanbic Bank Zimbabwe Limited carries out its business as a completely owned subsidiary of SBIC. Within the boundaries of Zimbabwean law, Stanbic Bank Zimbabwe operates as a legally compliant and authorized commercial banking institution.
1862 was the year that marked the beginning of business for Standard Bank in the country of South Africa. In November of 1992, Stanbic Bank opened its doors for business in the country of Zimbabwe.
The Standard Bank Group is often regarded as Africa’s preeminent banking and financial services conglomerate, holding a notable role in this regard.
It provides a comprehensive range of banking products and services, including those for personal and business banking, as well as corporate and investment banking.
The major purpose of the bank is to develop linkages between different rising markets in Africa and other countries, with a special focus on utilizing its experience in the natural resources industry on a global scale.
Other secondary objectives include expanding the bank’s client base and increasing its market share. The people that have a great passion for their strategic approach are the major differentiating element, and this is true irrespective of where in the world they may be located.
Personal and Business Banking, Corporate and Investment Banking, and Wealth Creation are the three core focuses of Stanbic Bank Zimbabwe. These three categories make up the bank’s three primary areas of concentration.
The Standard Bank Group is a multinational financial organization with operations in 20 countries throughout Africa and 12 other areas around the world. Stanbic Bank Zimbabwe is a subsidiary of the Standard Bank Group.
The Stanbic Bank has branches in a number of different cities and towns around Zimbabwe, including Harare, Bulawayo, Gweru, Kwekwe, Mutare, Chegutu, Ngezi, and Victoria Falls, among others.
First Capital Bank
The history of First Capital Bank in Zimbabwe can be traced all the way back to 1912, when it was first established and began doing business under the name Barclays Bank.
Barclays Bank plc, which had been present in Zimbabwe for 104 years at the time of the transaction in 2017, sold the controlling share it had in Barclays Bank of Zimbabwe to FMBcapital Holdings plc (FMBCH).
This transaction took place in the year 2017. The name First Capital Bank has been given to the bank since it started doing business.
First Capital Bank is the proprietor of a well-known and well-established commercial banking network in Zimbabwe.
This network consists of 32 branches and service centers that are dispersed across the country’s most important towns and cities.
The financial institution makes available to its customers a wide variety of personal goods and services, some of which include transactional accounts, online banking services, local and international debit cards, numerous insurance products, and a variety of other possibilities.
The term “commercial products” refers to a wide variety of monetary offerings, including treasury-related services, loan products, foreign exchange, and transactional products, among others.
In addition to this, the financial institution is equipped with a vast network of automated teller machines (ATMs), which are strategically positioned in various locations around the country.
FMBcapital Holdings plc, which has its headquarters in Mauritius and does business regionally in Botswana, Malawi, Mozambique, Zambia, and Zimbabwe, is the largest stakeholder in First Capital Bank.
In contrast to First Capital Bank, which is listed on the Zimbabwe Stock Exchange, FMBcapital Holdings plc is a publicly traded company on the Malawi Stock Exchange.
The bank operates in a variety of market sectors in Zimbabwe, specifically providing to the requirements of the following market segments: retail, small and medium-sized companies (SMEs), corporate, and institutional.
First Capital Bank ensures the continued relevance and value of its services by offering a comprehensive selection of financial products in order to meet the requirements of its many distinct market groups.
In its capacity as a member of the FMBCH Group, the Bank has built a regional presence in five nations that are part of the Southern African Development Community (SADC).
Due to the Bank’s strategic stance, it is able to successfully facilitate cross-border commerce and offer clients with a variety of trade financing options throughout the area.
First Capital Bank places a high priority on meeting the requirements of its customers by putting an accent on providing great customer service, preserving solid delivery channels, and quickly responding to the requirements of the market via the creation of new products and services.
First Capital Bank has evolved as a trailblazer in the banking sector by carefully exploiting its relationships and technical breakthroughs to launch a broad variety of goods and services. This has allowed the bank to establish itself as an industry leader.
These products and services have been thoughtfully developed to improve the accessibility, cost-effectiveness, and overall user experience of financial products and services.
First Capital Bank is made up of a very diversified collection of people, each of whom have experience in a different field, whether it technical or functional.
This gives them the ability to efficiently accomplish their strategic objectives. In order to guarantee that the company has the best possible skill set, First Capital Bank puts into practice certain techniques for talent management, employee retention, and professional development.
First Capital Bank has vast knowledge in a variety of facets of its operations, ranging from turnaround methods to the administration of IT projects.
The corporation now has the capability to successfully and efficiently implement its business plan as a result of the abundance of expertise it possesses.
The vast range of financial solutions offered by First Capital Bank serves both the commercial and individual banking markets equally well.
The governance systems of First Capital Bank are strong and efficient, and they ensure that the bank abides by a rigorous corporate governance code.
NMB Bank
The NMB Bank Zimbabwe Limited is a commercial banking company that is active in the country of Zimbabwe.
Its former name was the National Merchant Bank of Zimbabwe Limited. The Reserve Bank of Zimbabwe, which operates as both the country’s central bank and the national banking regulator, is in charge of providing supervision over the licensing of this particular organization.
The head office of the bank as well as its principal branch can be found on the First Floor of Unity Court in Harare, the capital and biggest city of Zimbabwe. This location can be found at the junction of Kwame Nkrumah Avenue and First Street in Harare.
The bank is considered to be of the size category known as a medium-sized financial services organization. It caters to a wide variety of customers, including major businesses, small to medium enterprises (SMEs), and individual consumers.
According to the most recent data that was collected in December 2017, the total assets of the bank were reported to have a value of $422.6 million, and the equity that was held by the shareholders was assessed to be $65 million and 65 thousand five hundred thousand dollars.
Individuals of Zimbabwean ancestry established NMB Bank Limited in 1993. During that period, the organization was known formally as the National Merchant Bank of Zimbabwe, which was also its operating name.
In June of 1993, the bank met all of the requirements listed in the Banking Act to become officially registered as an accepting house and received its acceptance license.
In 1997, the NMBZ Group was able to successfully obtain dual-listing status on both the Zimbabwe Stock Exchange and the London Stock Exchange.
In December 1999, NMB Bank was awarded a license to conduct commercial banking. In July of the year 2000, the provision of commercial banking services got underway.
NMB Holdings Limited, the bank’s parent business, received a total investment of US$14.8 million from FMO, Norfund, and AfricInvest in the amount of US$14.8 million in 2013. As a result of the investment, the group now has a collective ownership stake of 27 percent.
The bank is a fully owned subsidiary of NMBZ Holdings Limited (NMBZ), which is a Zimbabwean investment and holding firm. NMBZ is the parent company. NMB Bank Limited is NMBZ’s most important wholly-owned operating subsidiary.
Both the Zimbabwe Stock Exchange and the London Stock Exchange are venues through which the holding company’s shares may be bought and sold by the general public.
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