Articles tagged 'afrasia bank limited'

UK's $800k trapped in collapsed AfrAsia unit 6 March 2015 HARARE - The United Kingdom (UK) Department for International Development (DFID)'s $800 000 has been trapped in AfrAsia Zimbabwe Holdings Limited (AZHL)'s lending unit, Microking, following collapse of the financial institution. MicroKing was shut down after AZHL surrendered its flagship banki...
Investor let us down, says AfrAsia 5 March 2015 HARARE - AfrAsia Bank Limited (ABL) says its Zimbabwean banking unit, AfrAsia Bank Zimbabwe Limited (ABZL), collapsed after negotiations with an international investor fell through at the last minute. The Mauritius-based group voluntarily surrendered ABZL’s banking licence to the Reserve Bank ...
AfrAsia Bank collapses 25 February 2015 HARARE - Troubled AfrAsia Bank Zimbabwe Limited (ABZL) has surrendered its banking licence after its Mauritian shareholder gave up on turning around the bank’s fortunes. Apart from a Reserve Bank of Zimbabwe (RBZ) statement confirming the development, insiders said the bank’s $100 million cont...
AfrAsia battles $16m lawsuits 3 February 2015 HARARE - Troubled AfrAsia Zimbabwe Holdings Limited (AZHL)'s banking and microfinance subsidiaries are contesting $16,4 million lawsuits from various clients. Among the aggrieved is Alphavic Management Consultancy (Private) Limited which is suing the group's flagship unit AfrAsia Bank Zimbabwe...
MicroKing buyers to conduct due diligence: AfrAsia 22 December 2014 HARARE – AfrAsia Zimbabwe Holdings Limited (AZHL) is disposing its micro-lending unit MicroKing Finance, with potential buyers expected in the country to conduct due diligence by mid-January 2015. Its chief executive, Lynn Mukonoweshuro, said the interested investors were from the region and o...
AfrAsia seeks $35m 10 November 2014 HARARE - AfrAsia Zimbabwe Holdings Limited (AZHL)’s Mauritian shareholder plans to raise up to $35 million to address AfrAsia Bank Zimbabwe Limited (ABZL)’s capitalisation and solvency challenges. James Benoit, AfrAsia Bank Limited (ABL)’s chief executive, told Business Live in an interview th...
Clients sleep at bank 15 October 2014 BULAWAYO - Hard times have befallen AfrAsia Bank Bulawayo branch as clients can only access a paltry $50 daily. This comes as the bank, recently re-branded from Kingdom Bank following a  62,5 percent share takeover by AfrAsia Bank Mauritius (ABM), is also making frantic efforts to raise $100 m...
AfrAsia Bank solvency challenges mount 17 September 2014 HARARE - AfrAsia Bank Limited (AfrAsia) depositors yesterday complained bitterly that they had failed to access cash from the bank. While AfrAsia was recently limiting withdrawals due to solvency challenges, matters came to a head yesterday when depositors spent the whole day at the bank's Gra...
Solvency challenges hit AfrAsia, bank limits withdrawals 9 September 2014 HARARE - AfrAsia Bank Limited (AfrAsia) is limiting depositors' withdrawals due to solvency challenges. The bank, limiting withdrawals to between $50 and $200 depending on the day, said it was suffering the effects of the prevailing acute liquidity crisis. “…liquidity constraints in the loc...
Board shake-up looms at AfrAsia 6 December 2013 HARARE - A board shake-up — including the resignation of chairperson Sibusisiwe Bango — looms at AfrAsia Kingdom Zimbabwe Limited (AKZL) following Nigel Chanakira’s exit and subsequent increase in shareholding by Mauritius-based AfrAsia Bank Limited (AfrAsia) in the group. Chanakira, the found...
AfrAsia pays Chanakira $12m 21 October 2013 HARARE - Mauritius-based AfrAsia Bank Limited (AfrAsia) will pay prominent banker Nigel Chanakira $12 million following the disposal of his 30 percent stake in financial group AfrAsia Kingdom Zimbabwe Limited (AKZL). The transaction awaits shareholders' approval at an extraordinary general mee...
AfrAsia upbeat about Zim 9 September 2013 HARARE - Mauritius-based financial group, AfrAsia Bank Limited (ABL), says it is keen on pursuing further investments in Zimbabwe. This comes as the institution upped its stake in AfrAsia Kingdom Zimbabwe Limited (AKZL) — formerly Kingdom Financial Holdings Limited — after acquiring founding d...
Chanakira exits Kingdom 7 September 2013 HARARE - Prominent banker and entrepreneur Nigel Chanakira has sold his 30 percent stake in AfrAsia Kingdom Zimbabwe Limited (AKZL) to Mauritius-based AfrAsia Bank Limited (AfrAsia) in an equity swap deal. As part of the deal, AKZL will in turn sell its remaining interest in the Botswana-based...
AfrAsia to up AKZL stake? 13 May 2013 HARARE - A Reserve Bank of Zimbabwe (RBZ) announcement that it will approve and facilitate shareholding changes in AfrAsia Kingdom Zimbabwe Limited (AKZL) has raised speculation that Mauritius-based AfrAsia Bank Limited (ABL) could be planning to increase its stake in the financial group. This co...