NMBZ Holdings has appointed Benedict Chikwanha as the chairperson of the group and its flagship arm, NMB Bank, with effect from March 19.
BY OUR STAFF REPORTER
Chikwanha replaced Tendayi Mundawarara, who retired from the boards as a chairperson after serving since 2010. “Chikwanha was appointed as non-executive director of NMB Bank Limited and NMBZ Holdings Limited on 31 January 2014.Chikwanha is an experienced banker, with over 40 years’ working experience in the banking sector in various areas including risk management, corporate banking and corporate finance,” the company said.
Chikwanha has worked in the banking sector as a director risk management and managing director. He is a director of Leonard Cheshire Disability Zimbabwe Trust.
Mundawarara retired from the boards having served for seven years after joining as a non-executive director on February 11, 2008. He was subsequently appointed as chairman of both boards on August 17, 2010.
“During his tenure as chairman, Mundawarara oversaw the recapitalisation of the group through a private placement to three strategic institutional investors.
“The bank also acquired lines of credit during his tenure as chairman,” the group said.
The group secured a $10 million loan from a French Development institution Proparco that resulted in the bank advancing loans to various stakeholders in the country. The loan was given to NMB Bank at interest rates below 9%. Proparco is a development finance company held by Agence Francaise de Developpment and public-private shareholders from the North to the South.
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The institution’s main business was to help private investments in emerging developing countries with the aim of supporting growth and sustainable development.
