AfrAsia appoints new MD

HARARE - Afrasia Bank Zimbabwe (AfrAsia Bank) — formerly Kingdom Bank Limited — has appointed Tineyi Mawocha as managing director (MD).

His appointment is with effect from January 6, 2014.

Mawocha, former Tetrad Bank MD, replaces Francois Molife who resigned early last year.

Sylvester Dendere, who was acting MD, will retain his position as Mawocha’s deputy.

The development comes on the back of the bank’s parent company AfrAsia Zimbabwe Holdings Limited (AZHL)’s recently held annual general meeting (AGM) which ushered in a new board and the rebranding of the group.

Kingdom Financial Holdings Limited (KFHL), Kingdom Bank Limited and Kingdom Asset Management were rebranded to AfrAsia Zimbabwe Holdings Limited, AfrAsia Bank Zimbabwe Limited and AfrAsia Capital Management (Private) Limited respectively whilst MicroKing Finance retained its name for strategic reasons.

Recently, Mauritius-based AfrAsia Bank Limited (ABL) increased its stake to around 64 percent in the financial services group following the exit of KFHL’s founder Nigel Chanakira.

In September, Chanakira disposed of his 30 percent stake in the group which he indirectly held through his family investment vehicle Crustmoon, to ABL.

Following the transaction and subsequent AGM, a board reshuffle saw the retirement of the group chairperson Sibusisiwe Bango, Anthony Rowland and Sure Kamhunga while Brian Fredrick and Chanakira resigned.

New non-executive board members who were ushered in pending requisite approvals from regulatory authorities are Fungai Ruwende, Riteshan Anand and Henry Nemaire while Deshmukh Rao Dondee was appointed an executive director.

Before Chanakira’s departure, ABL held a 35 percent stake in AZHL acquired in January 2012 through a $9,5 million deal, leading to a rebranding.

Comments (1)

AfrAsia, the Mauritius-based investor, is a foreign investor. Why was AfrAsia allowed to hold more than 49% stake (64%) in a Zimbabwean company, which seems to go against the Indigenisation policy?

Empowerer - 10 January 2014

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