AfrAsia Kingdom restructures

HARARE - AfrAsia Kingdom Zimbabwe Limited (AKZL) — formerly Kingdom Financial Holdings Limited — has restructured its board.

The exercise follows the acquisition of a 35 percent stake in the diversified financial services group by Mauritius-based AfrAsia Bank Limited in a $9,5 million deal.

Sibusisiwe Bango, AKZL’s board chairperson, said new non-executive directors appointed to the board are James Benoit, Kamben Padayachy, Jill Rickard, Brian Fredrick and Sevious Mushosho as group financial director.

The group, which has plans to expand in the continent, said the move helps embrace diversity and achieve the goal to penetrate emerging markets with a global focus.

“They have all begun their tenure and they bring to the board many years of experience in the financial services sector at a global level,” said Bango.

“They all have the right mix of experience and will add significant value to the company based on their immense international experience, knowledge of business and past experience in successful global companies,” she said.

“For effectiveness, the AKZL board is distinct from subsidiaries’ boards,” Bango added.

AKZL is an investment holding company with interests focused on the financial services sector.
 
The Group offers a diversified range of financial services through commercial banking, stock broking, asset management and micro lending.

The group’s board is now composed of Bango, Lynn Mukonoweshuro as group chief executive, Mushosho, while Nigel Chanakira, Callisto Jokonya, Simplicious Chihambakwe, Charles Wawn, Benoit, Padayachy, Fredrick and Rickard are non-executive directors.

Its flagship subsidiary, Kingdom Bank Limited’s board now comprises of Wawn as the chairperson, Mukonoweshuro the group chief executive, Francoise Molife the managing director while Bango, Chanakira, Benoit, Padayachy, Fredrick, Rickard and Sure Kamhunga are non-executive directors. - Business Writer

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