HomeNewsCABS secures $25m PTA Bank loan

CABS secures $25m PTA Bank loan


INTEGRATED financial services company CABS has secured $25 million from the PTA Bank for on lending to various sectors of the economy, managing director Kevin Terry said yesterday.


The lines of credit would be a boost to the economy which is starved of money as banks have adopted a cautious approach amid rising defaults.

The $25 million is in addition to the $30 million the bank secured from PTA, Proparco and Shelter Afrique.

CABS secured $10 million each from the three financial institutions. In addition, CABS is set to get $20 million for mortgage securitisation.

Mortgage securitisation is a situation whereby lenders bundle home loans together and use them to back bonds, which are then bought by big pension funds.

“By end of this month, we would have accessed over $50 million lines of credit and by year end $20 million in funds for mortgage securitisation,” Terry said.

He could not reveal the source of the $20 million at the moment as the parties signed a non-disclosure agreement.

Terry said the bank’s shareholders supported the institution as they were prepared to take a risk and be part of the recovery of Zimbabwe’s economy. He said supporting CABS was a clear intention of that journey.

He said the bank has been transformed from being a mortgage lender into an integrated financial services company offering a wide range of products.

Meanwhile, CABS has commenced its rebranding exercise with the unveiling of the new logo and tag-line yesterday.

Terry said the rebranding was meant to revive and rejuvenate the current logo and give it a modern feel that combines the CABS heritage and its current position as a vibrant player on the market.

The rebranding focuses on the logo as well as the new tag-line “We’ll Help You Get There”.

Terry said the colour blue on the logo represents CABS’ professionalism, commitment and trustworthiness. The green colour, he said, symbolises growth and carries with it a promise of financial strength and positive future.

“We are confident that the new look and feel will enhance not only our brand image, but our customer’s banking experience,” he said.

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