The CBZ Holdings board has approved the merger of its units, CBZ Bank Limited and CBZ Building Society into one entity.
In May this year, the Reserve Bank of Zimbabwe (RBZ) approved the amalgamation of the two units in terms of Section 25(5) of the Banking Act [Chapter 24:20], the Chronicle reported.
Reads part of the statement released by the bank to shareholders on Tuesday:
The board of directors (the “board”) of CBZ Holdings Limited wishes to advise all shareholders and the investing public that the board approved to merge the operations of CBZ Bank Limited and CBZ Building Society into one entity, CBZ Bank Limited.
We further advise that on 20 May 2022, the Minister of Finance and Economic Development approved the amalgamation of CBZ Bank Limited and CBZ Building Society as required in terms of section 25(5) of the Banking Act [Chapter 24:20].
Following the approval, a public notice was issued in the Gazette on 12 August 2022, in terms of section 25(6) of Banking Act [Chapter 24:20] advising of the approval of the amalgamation.
It added that the Building Society licence has been surrendered to the Registrar of Building Societies for cancellation in terms of section 14(3) of the Building Societies Act [Chapter 24:02].
The bank said the amalgamation is going to be effected through the consolidation of all assets, liabilities and equity of CBZ Bank Limited and CBZ Building Society into one entity, CBZ Bank Limited.