Articles tagged 'agribank'

Agribank seeks fresh capital 18 August 2017 HARARE - State-owned financial institution Agricultural Bank of Zimbabwe (Agribank) is negotiating for $48 million in fresh capital with government to recapitalise the business. The bank's chief executive officer — Sam Malaba — said the bank, whose core mandate is to fund the country's agricul...
Agribank unveils $70m facilities 21 June 2017 HARARE - The Agricultural Bank of Zimbabwe (Agribank) has unveiled $70 million earmarked to stimulate export trade and horticulture production. Agribank public relations manager Olam Marufu told the businessdaily yesterday that the new loan facilities — made up of a $50 million export facility...
Minister fails to repay $50 000 Agribank loan 13 June 2017 BULAWAYO - The High Court has ordered Matabeleland North State minister  Ndabazekhaya Cain Ginyilitshe Mathema to pay $50 000 to Agribank to amortise a loan he acquired for purchasing irrigation equipment. Justice Nokuthula Moyo passed the default judgment following an application by Agribank ...
Agribank makes $1,8m profit 13 June 2017 HARARE - Agriculture-focused financial institution, Agribank, recorded a $1,8 million profit in the five months to May 2017 from $460 203 prior comparable period, buoyed by income from Treasury Bills (TBs), an official said. Agribank chief executive Sam Malaba yesterday told the institution's ...
Agribank records $4,8m profit 28 March 2017 HARARE - Agribank's revival continues after the agriculture-focused financial institution posted a $4,8 million profit in the full year to December 2016. This compares favourably with a loss of $6,3 million recorded in the same period in 2015. “This positive performance marked an indication...
Agribank returns to profitability 18 August 2016 HARARE - Agriculture-focused financial institution, Agribank, has bounced back to profitability, earning $2,16 million in the six months to June 2016. The latest results compare favourably with the $3,76 million recorded in the same period last year. Agribank chief executive Sam Malaba said...
David Whitehead sues Agribank 25 November 2015 HARARE – David Whitehead Textiles (Private) Limited has filed a lawsuit against the Agricultural Bank of Zimbabwe Limited (Agribank), seeking to save its property it offered as security on behalf of a cotton company that was advanced a $5,8 million loan by the bank.  In the application, David ...
Bank sues Chombo's ex-wife over debt 10 November 2015 HARARE - Agricultural Bank of Zimbabwe (Agribank) has turned to arbitration courts after Home Affairs minister Ignatius Chombo's ex-wife Marian failed to repay a  $13 000 debt on time. Agribank advanced the $13 000 to Marian's Allan Grange Farm through a maize loan facility. The court heard...
6 banks fail to meet RBZ minimum capitalisation 3 December 2014 HARARE - Six banks have failed to meet the Reserve Bank of Zimbabwe (RBZ)’s $25 million minimum capitalisation whose deadline was June 2014, Finance minister Patrick Chinamasa has said. As at September 30, 2014, only 14 out of 20 operating banks — excluding POSB — were in compliance with the p...
Agribank records $9m loss 1 April 2014 HARARE - Distressed government-owned Agribank’s losses widened to $9,2 million in the year to December 2013 from $5,6 million incurred in prior year due to non-performing loans (NPLs) , among other challenges. The agro-focused financial institution said it was weighed down heavily by impairmen...
We are broke: Agribank 10 February 2014 HARARE - Agribank says it has insufficient money to fund the forthcoming winter-cropping season due to limited resources received from Treasury. Sam Malaba, the Agribank chief executive, last week told Parliament that the agriculture-focused institution only received $4 million from a $50 mill...
Agribank to sell stake for $70m 5 February 2014 HARARE - Distressed Agricultural Bank of Zimbabwe Limited (Agribank) says it will soon float a tender to dispose of a 49 percent stake to private investors valued at $70 million following an evaluation of the financial institution. The agro-bank — wholly owned by government — has been failing ...
Agribank pins hopes on new investor 5 September 2013 HARARE - Cash-strapped Agricultural Bank of Zimbabwe Limited (Agribank) says it will be able to meet the central bank's capital requirements after concluding its deal to engage a new private investor. The government-owned financial institution said the transaction — expected to be complete by ...
Foreigners bid for Agribank stake 28 February 2013 HARARE - Foreign institutions are among investors that have submitted bids to acquire a 49 percent stake in the Agricultural Development Bank of Zimbabwe (Agribank), businessdaily has established. Insiders said a due diligence exercise has already been completed. All I can confirm at this moment ...
Agribank privatisation in full swing 31 August 2012 HARARE - Agribank says talks over the disposal of government s 49 percent stake in the banking concern to private investors were ongoing and at an advanced stage. The government has commenced the privatisation of Agribank and is currently in progress in accordance with the Cabinet approval of May...