Kingdom Financial Holdings Limited (KFHL) has completed its rebranding exercise after a Mauritius-based bank acquired a significant stake in the local institution.
According to a statement issued by AfrAsia Bank Limited, which now controls 35% of KFHL, the financial services group would now transform to AfrAsia Kingdom Zimbabwe Limited.
AfrAsia invested into KFHL at a time when the group’s banking unit was seeking capital to meet the prescribed minimum capital requirements.
AfrAsia invested $9,5 million into the group, which resulted in shareholders agreeing for a name change.
According to the group, the name reflects the “co-existence of the AfrAsia and the Kingdom brand into the future.”
“AfrAsia Bank Limited’s investment — together with the financial support from other shareholders — have enhanced the future of the group, and also further strengthened its capability to fund new business growth initiatives,” said KFHL chief executive officer Lynn Mukonoweshuro.
“There is evidence that the Zimbabwean economy is poised for growth and our strategy remains to be a leading diversified financial services group in the country by working together with AfrAsia Bank to implement growth strategies for the group.”
AfrAsia Bank Limited chief executive officer James Benoit said the group was eyeing regional markets.
“AfrAsia Kingdom Zimbabwe Limited will form a core part of our regional expansion drive and growth potential of the country’s banking sector,” he said.
“Using our investment in Zimbabwe as a regional launch pad will also provide us with a unique opportunity to expand our franchise in the Southern African Development Community region through an established operation and with highly credible local partners.”