NMB seeks $40 million

HARARE - NMB Zimbabwe (NMBZ) is close to clinching a $40 million line of credit aimed at strengthening the bank’s liquidity position.

“Our approved lines stand at $60 million from six different funders and we are negotiating for additional lines in the region of $40 million,” the finance institution’s group chief executive Benefit Washaya said while officially opening the banks’ first Excellence Centre for high net worth clients in Borrowdale last week.

“There is no better exercise than reaching down and lifting people up and we will strive to improve the lives of those in the communities we operate in,” he said.

Through leveraging on its shareholding, which includes African Century, LLP, Old Mutual, FMO, Norfund and AfricInvest, the bank has achieved considerable success in raising external lines of credit.

The diversified group received a $5 million loan facility from private financier, Norsad Finance Limited (Norsad) earlier this year — as the group’s profit for the half year to June surged 125 percent.

Norsad is a development finance institution established to contribute to the private sector development of southern African countries.

It does so through availing funding, to enterprises that are financially, socially and environmentally sustainable and which will create jobs with decent working conditions, adopt good governance and, overall, assist economic growth and poverty alleviation in southern African countries.

Washaya said the Excellence Centre was established to ensure that, with the broadening of the bank’s market segments, high net worth customers could still receive the same high standard of excellent service they were used to.

“The world around us is changing and experience teaches us that unless you keep pace with an ever-changing business environment, you will be run over by the crowd

“As NMB, we had to respond to these changes by adjusting our business model and broadening our market segments,” he said.

The NMB boss said the bank had also set up Excellence Desks in its branches in Avondale, Msasa, Southerton and Borrowdale in Harare and in its Bulawayo and Mutare branches, at which high net worth customers could obtain priority service.

Washaya also announced that two more NMB branches had also been opened, one in Kwekwe and the other in Masvingo, with another branch presently being established in Chinhoyi, expected to be operational within the next three months.

He said the bank had in the past, looked after large corporates, medium-sized businesses and small businesses and high net worth individuals.

“Unfortunately, those market sectors have taken a battering. Because of that, we have had to enter other market segments we did not serve before.

“I know some of you may have been inconvenienced during our transition period but let me be clear that by broadening our market segments we have no intention of dropping our standards,” he said.

According to the NMB boss, the bank realised that not all high net worth customers could make use of the new Excellence Centre which had led to the establishment of excellence desks in several branches around the country.

Washaya also said NMB was in the process of introducing a new mobile platform, which would come with a mobile app for both Android and Apple phones.

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