Full Text: CBZ Bank and CBZ Building Society want to be one business

In a press statement released by the Reserve Bank of Zimbabwe (RBZ), CBZ Bank and sister company CBZ Building Society have applied to be unified as a single entity

The statement on the proposed unification reads as follows:

PROPOSED AMALGAMATION OF CBZ BANK LIMITED & CBZ BUILDING SOCIETY

IT is hereby notified, in terms of section 25(4) of the Banking Act (Chapter 24:20), that CBZ Bank Limited and CBZ Building Society, both incorporated under the laws of Zimbabwe and carrying on banking business, have applied to the Minister of Finance & Economic Development in terms of section 25(2) of the Banking Act, for his approval of the amalgamation of CBZ Bank Limited and CBZ Building Society.

CBZ Bank Limited is registered as a banking institution under the Banking Act while CBZ Building Society is registered as a building society under the Building Societies Act (Chapter 24:02). Both institutions are subsidiaries of CBZ Holdings Limited.

In order to facilitate the amalgamation of the two (2) institutions, CBZ Bank Limited and CBZ Building Society’s assets, liabilities and equity, the two institutions propose to consolidate under one entity, CBZ Bank Limited, in conformity with a Memorandum of Agreement that they have entered into. Subsequent to the merger, CBZ Building Society will cease to exist as an entity.

The Memorandum of Agreement in terms of which the amalgamation is to be effected will be open for inspection by members of the public for a period of 21 days from the date of publication of this notice in the Government Gazette at the following offices:

CBZ Bank Limited
3rd Floor, Union House 60
Kwame Nkrumah Avenue
Harare

This notice was published in the Government Gazette of 28 January 2022.

Any person who has any objection to the proposed amalgamation or intends to make representations or objections in connection therewith is required to lodge the same, in writing, with the Registrar of Banking Institutions, at 80 Samora Machel Avenue P. O. Box 1283, Harare, within twenty-one (21) days of the date of publication of this notice in the Government Gazette.

Reserve Bank of Zimbabwe (RBZ on Twitter)

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