Nedbank chief jets into Zimbabwe

Nedbank chief executive and majority shareholder in the Merchant Bank of Central Africa Mr Mike Brown is in the country as part of his annual staff visits.

Mr Brown and his executive team touched down yesterday and were expected to meet staff and the board members of the MBCA Bank in Zimbabwe.

MBCA spokesperson Ms Dedrey Mutimutema yesterday said the visit by Mr Brown was part of the bank's vision to build the "most admired" bank in Africa, a local daily paper has revealed.

She added that the visit served to affirm Nedbank's strategy and vision around its financial performance and update staff on operations across Africa.

Mr Brown first visited when he came to brief staff on the group's financial performance, its vision and plans by HSBC to acquire Nedbank.

Nedbank last year bulked up its stake in MBCA Bank from 50 percent to about 74 percent after following its rights for the recapitalisation of the local bank to the tune of US$12,5 million as required by the central bank.

And as it increased its investment in the local bank the United Kingdom's HSBC were planning to swoop on the bank in a US$7 billion deal. Had the HSBC-Nedbank deal gone through the UK firm would have gained indirect control of MBCA through Nedbank's stake in the local bank.