Kingdom Bank MD resigns

HARARE - Kingdom Bank Limited (KBL)’s managing director Francois Molife has resigned.

His resignation is with effect from March 15, 2013.

AfrAsia Kingdom Zimbabwe Limited (AKZL) — KBL’s parent company — said Molife left the group’s flagship subsidiary to pursue personal interests.

“Sylvester Dendere, the then deputy managing director, has been appointed acting managing director in the interim,” AKZL said.

Molife’s departure comes hard on the heels of a restructuring exercise of the group’s board in February following the acquisition of a 35 percent stake in, then, Kingdom Financial Holdings Limited Mauritius-based AfrAsia Bank Limited in a $9,5 million deal.

AKZL appointed James Benoit, Kamben Padayachy, Jill Rickard and Brian Fredrick as non-executive directors.
Savious Mushosho was appointed 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 AKZL board chairperson Sibusisiwe 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.

Meanwhile, AKZL registered $3,2 million profit in the year to December 31, 2012, up from $782 031 prior comparable period.

The performance was driven by KBL, which returned to profitability.

KBL posted a $1 million profit from a $1,6 million.

Loans and advances made by KBL rose to $132 million from $116 million.

AKZL’s net interest income after impairments rose to $20 million from $14 million on the back of impairment recovery of $782 635.

The group’s assets grew to $201 million from $157 million recorded in the prior year buoyed by balances with banks and cash which stood at $31 million from $2,5 million.

MicroKing Finance, the group’s small-scale lender, registered strong growth during the period under review.

Kingdom Asset Management profit after tax was up 22 percent to $161 823 on the back of growing business.
Funds under management rose to $48 million from $34,2 million.

The group’s exposure to the equities market nearly trebled to $9 million despite the subdued performance of the Zimbabwe Stock Exchange.

Total bank deposits were up 30,7 percent to $4,4 billion as at December 31, 2012, compared to the prior year.

Loans and advances amounted to $3,5 billion, representing a growth of 27,5 percent. - Business Writer

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