The Sunday News
Rutendo Nyeve, Business Reporter
CBZ Holdings Limited has applied to the Ministry of Finance and Economic Development to seek approval for the amalgamation of its entities — CBZ Building Society and CBZ Bank Limited.
The Reserve Bank of Zimbabwe announced the proposed amalgamation in a public notice on Friday.
“It is hereby notified, in terms of section 25(4) of the Banking Act that CBZ Bank Limited and CBZ Building Society both in cooperated under the laws of Zimbabwe and carrying on banking business have applied to the Minister of Finance and Economic Development in terms of section 25(2) of the Banking Act, for his approval of the amalgamation of CBZ Bank Limited and CBZ Building Society,” reads the notice.
The two entities are proposing to consolidate their assets, liabilities and equity under one entity.
“In order to facilitate the amalgamation of the two institutions, CBZ Bank Limited and CBZ Building Society’s assets, liabilities and equity, the two propose to consolidate under one entity, CBZ Bank Limited in conformity with a Memorandum of Agreement that they have entered into, subsequent to the merger, CBZ Building Society will cease to exist as an entity.
“The memorandum of agreement in terms of which the amalgamation is to be effected will be open for inspection by members of the public for a period of 21 days from the date of publication of this notice in the Government Gazette,” reads the notice.
CBZ Bank is registered as a banking institution under the Banking Act while CBZ Building Society is registered as a building society under the Building Societies Act.
Both institutions are subsidiaries of CBZ Holdings Limited.
