Finance minister Patrick Chinamasa has appointed a nine-member board to lead the People’s Own Savings Bank (POSB).
BY BUSINESS REPORTER
The tenure of the board is three years effective on the publication of the notice in the Government Gazette today.
The board will be chaired by Mathilda Dzumbunu with Israel Ndlovu coming in as the vice-chairperson. Other members of the board include Admore Kandlela (POSB chief executive officer), Patience Shuro (POSB chief accounting officer), Nomutsa Christine Chindomu, Caecilia Nyamutswa, Onias Jambwa, Ignatius Mvere and Monica Sarudzai Mureriwa.
Kandlela, Shuro, Jambwa and Ndlovu were in the previous board.
The new board is expected to guide the bank which bounced back to profitability last year following a loss in 2013. In 2014, POSB posted a profit of $1,25 million from a loss of $209 000 in the previous year.
This resulted in the bank declaring a dividend of $313 021 to its shareholder, government.
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The bank also declared dividends in 2011 and 2012 financial years of $1 027 388,88 and $618 011,50 respectively.
In his mid-term Fiscal Policy review, Chinamasa said parastatals in financial difficulties should emulate POSB and the Infrastructure Development Bank of Zimbabwe on how to turn around the corner.
“I urge other parastatals which are haemorrhaging the fiscus to emulate these two institutions that have demonstrated commitment to maximise shareholder value,” he said.
POSB was established in 1904 to mobilise savings for national development and commenced its operations through the Post Office infrastructure network.
The People’s Own Savings Bank of Zimbabwe Act (Chapter 24:22) of 2001 established the bank as a corporate body to carry out the business of a savings bank.
