Business / Companies
Kingdom Bank change name to AfrAsia Bank Zimbabwe
31 Jan 2014 at 12:45hrs | Views
The Reserve Bank of Zimbabwe published a notice on the change of name of Kingdom Bank Limited in terms of Section 22 (6) of the Banking Act to AfrAsia Bank Zimbabwe Limited and shall be known as such henceforth.
Prominent local banker and entrepreneur and Kingdom Bank founder, Nigel Chanakira left AfrAsia Kingdom Zimbabwe Limited which he co-founded in the 1990s and helped develop into a leading indigenous bank.
Chanakira gave up his 30 percent shareholding to Mauritius-based AfrAsia Holdings Limited in a cash and equity deal that would see him take-over AfrAsia's 35.7% interest in the company's Botswana unit.
AfrAsia moved into Kingdom in January 2012 after acquiring a 35 percent stake for about $9.5 million as the bank looked for new investment to in order meet statutory minimum capital requirements.
Prominent local banker and entrepreneur and Kingdom Bank founder, Nigel Chanakira left AfrAsia Kingdom Zimbabwe Limited which he co-founded in the 1990s and helped develop into a leading indigenous bank.
Chanakira gave up his 30 percent shareholding to Mauritius-based AfrAsia Holdings Limited in a cash and equity deal that would see him take-over AfrAsia's 35.7% interest in the company's Botswana unit.
AfrAsia moved into Kingdom in January 2012 after acquiring a 35 percent stake for about $9.5 million as the bank looked for new investment to in order meet statutory minimum capital requirements.
Source - businessdaily.co.zw
