MBCA to become Nedbank

MBCA Bank, a unit of South Africa's Nedbank group, is next year change its name to Nedbank Zimbabwe.

Nedbank, the fourth largest bank in South Africa by market capitalisation and customer numbers, is the majority shareholder in the Zimbabwean financial services firm, controlling 74 percent stake in MBCA Bank.

Old Mutual Zimbabwe owns 18.30 percent shareholding while employees, through a Share Trust, control 0.66 percent.

Banca de Credito Finanziaio of Italy and Rothschild of the United Kingdom are the other two offshore partners who own 10.5 and 3.26 percent shareholding in the financial services firm respectively.