Business / Companies
Sam Malaba takes over at BAZ
02 Apr 2014 at 11:18hrs | Views
Barclays Bank Zimbabwe managing director Mr George Guvamatanga has stepped down as Bankers Association of Zimbabwe (BAZ) president after the expiry of his two-year tenure with his deputy Mr Sam Malaba replacing him.
Mr Guvamatanga's term of office lapsed on Monday and Agribank Zimbabwe chief executive Mr Malaba took over as president under the banking sector lobby group's rotational system.
The Barclays Bank Zimbabwe managing director rose to the helm of BAZ in 2012 after taking over from former president and FBC Holdings group chief executive Mr John Mushayavanhu.
Banking sector sources told The Herald Business yesterday that MBCA managing director Dr Charity Jinya was tipped to replace Mr Malaba as BAZ vice president and eventually become president when Mr Malaba runs his full term.
"The grapevine has it that Dr Charity Jinya will be elected BAZ deputy president at the next BAZ meeting at the end of this month. She will become the first female vice president as one of the few women bankers and business leaders in the country," the source said.
"That means she will also automatically become BAZ president in two years should Mr Sam Malaba serve his two-year term, she is almost assured, remember the elective college also seeks balance," the source added.
According to market intelligence, since the next president is male and from an indigenous bank, the deputy will be female from an international bank. The outgoing president was from an international bank.
Mr Malaba takes over stewardship of "a ship cruising on unsteady waters" due to the tight liquidity situation pervading the entire economy.
The difficult economic environment characterised by tight liquidity has spawned numerous non-performing loans.
Further, banks face a tough situation where each has to cater for own requirements as banks cannot lend to each other without the cover provided by the Reserve Bank of Zimbabwe through its lender of last resort function.
It means banks in surplus do not lend to those in short positions as they need to maintain a buffer to cater for their own obligations if the need arises.
The next president will also lead discussions with Government on the emotive issue of the indigenisation of the foreign owned banks in Zimbabwe.
Mr Guvamatanga's term of office lapsed on Monday and Agribank Zimbabwe chief executive Mr Malaba took over as president under the banking sector lobby group's rotational system.
The Barclays Bank Zimbabwe managing director rose to the helm of BAZ in 2012 after taking over from former president and FBC Holdings group chief executive Mr John Mushayavanhu.
Banking sector sources told The Herald Business yesterday that MBCA managing director Dr Charity Jinya was tipped to replace Mr Malaba as BAZ vice president and eventually become president when Mr Malaba runs his full term.
"The grapevine has it that Dr Charity Jinya will be elected BAZ deputy president at the next BAZ meeting at the end of this month. She will become the first female vice president as one of the few women bankers and business leaders in the country," the source said.
"That means she will also automatically become BAZ president in two years should Mr Sam Malaba serve his two-year term, she is almost assured, remember the elective college also seeks balance," the source added.
According to market intelligence, since the next president is male and from an indigenous bank, the deputy will be female from an international bank. The outgoing president was from an international bank.
Mr Malaba takes over stewardship of "a ship cruising on unsteady waters" due to the tight liquidity situation pervading the entire economy.
The difficult economic environment characterised by tight liquidity has spawned numerous non-performing loans.
Further, banks face a tough situation where each has to cater for own requirements as banks cannot lend to each other without the cover provided by the Reserve Bank of Zimbabwe through its lender of last resort function.
It means banks in surplus do not lend to those in short positions as they need to maintain a buffer to cater for their own obligations if the need arises.
The next president will also lead discussions with Government on the emotive issue of the indigenisation of the foreign owned banks in Zimbabwe.
Source - The Herald
