BancABC is a financial institution in Zimbabwe wholly owned by Atlas Mara Limited. The bank was initially founded in 1956 as First Merchant Bank of Zimbabwe (“FMBZ”) was by Anglo American Corporation Zimbabwe Limited. However BancABC itself was created in 2000.

BancABC
Type
Private company
Industry Financial Services
Founded 1997
Headquarters Harare, Zimbabwe
Key people
Blessing Mudavanhu
Products Loans, Investments, Mortgages
Parent Atlas Mara Limited
Website www.bancabc.com

ABC Holdings Limited is the parent company of other similar banks operating under the BancABC brand in sub-Saharan Africa countries (Botswana, Mozambique, Tanzania and Zambia. ABC has a primary listing on the Botswana Stock Exchange and a secondary listing on the Zimbabwe Stock Exchange.

Contents

Products

Personal Banking

Business Banking

Wholesale Banking

Branches

Background

BancABC itself was created in 2000 through a merger of First Merchant Bank Zimbabwe (FMB), UDC and Bard group of Companies. FMB had previously merged with Heritage Investment Bank, a small Merchant Bank in 1997. Originally, the bank focused exclusively on corporate and wholesale banking.

Douglas Munatsi was CEO of BancABC since formation in 2000 and MD of its predecessors First Merchant Bank and Heritage Investment Bank which he founded. Prior to that served as an executive of the IFC.

In 2008 the bank started to expand into the retail banking space, developing a comprehensive set of retail services including SME and microlending products. This expansion which was funded entirely from internal resources, has accelerated the bank’s growth in recent years.

History

Ownership

Atlasmara Limited Logo

ABC Holdings Limited is a wholly owned subsidiary of Atlas Mara Limited. During the third quarter of 2014, Atlas Mara completed the acquisition of BancABC and of African Development Corporation (ADC). Following the transactions, Atlas Mara owns 100 percent in BancABC; 62.25 is direct shareholding and 37.75 percent is indirect shareholding through African Development Corporation (ADC).[1] In December 2014, a new board of directors and a new team of senior managers began taking over the company, to reflect the new shareholding.[2]


Some Articles About BancABC

Gershem Pasi Dragged To The High Court Over 9 000 Debt Tue Sep 25 2018

BancABC bank teller in court for 000 fraud Mon May 8 2017

Former BancABC M.D. facing charges for externalising 0 million Fri Dec 9 2016

See more news on BancABC

References

  1. RNS (9 December 2014). "Atlas Mara Co-Nvest Limited: Total Voting Rights". London: Investis.com Quoting Regulatory News Service (RNS). Retrieved 11 October 2016. 
  2. Business, Reporter (9 December 2014). "Management Shake-Up At BancABC". The Herald (Zimbabwe). Retrieved 12 December 2014.