Kingdom Financial Holdings Limited (KFHL) is seeking shareholder approval at its forthcoming fifteenth annual general meeting to appoint new directors in order to accommodate representatives of AfrAsia Bank Limited (ABL).
The Mauritian-based banking group recently acquired a 35% stake in KFHL in a $9,5 million deal.
The deal enabled KFHL to meet the Reserve Bank of Zimbabwe (RBZ) minimum capital requirements of $12,5 million for commercial banks.
KFHL group company secretary in a statement yesterday said the AGM will seek approval “to appoint S Kamhunga, James Benoit and Kamben Padayachy to the board subject to regulatory approval”.
The RBZ approves appointments on the board of banking institutions in the country.
Also on the agenda is a special resolution for shareholders “to approve a name change for the company from Kingdom Financial Holdings Limited to Afrasia-Kingdom (Zimbabwe) Limited following the establishment of a partnership with the AfrAsia Bank Limited Group”.
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The AGM is set for May 29 2012. Benoit is the current chief executive officer and executive director while Padayachy is also an executive director.
ABL describes itself as a “boutique financial services provider” with the ability to tailor innovative banking solutions for both the local and international markets.
Recent media reports have suggested that apart from having members on the board ABL will also appoint people in senior management positions.
Benoit told a Press conference in March this year that there were a lot of opportunities on the continent that could be explored.
AfrAsia has a capital base of $90 million and assets worth over $700 million.
Early this year, KFHL chief executive officer Lynn Mukonoweshuro said the bank planned to almost double its market share this year.
She said KFHL envisaged to boost its market share to 6% from 3,4% currently before increasing it to as much as 12% within the next three years.