Allied Bank Zimbabwe Limited

Allied Bank, was a commercial bank in Zimbabwe that closed in 2015.[1] The bank regulator cancelled its license on 8 January 2015 after determining that the bank was "no longer in a safe and sound condition, grossly undercapitalised and facing chronic liquidity challenges"[2]

For Allied Bank, the Philippines, see Allied Banking Corporation. For Allied Bank, Pakistan, see Allied Bank Limited.

Allied Bank Zimbabwe Limited
TypePrivate
IndustryFinancial services
Founded2005 (2005)
Defunct8 January 2015 (2015 -01-08)
Headquarters
Harare
,
Zimbabwe
Key people
Florence Gowora (Chief Executive Officer)
ProductsLoans, Transaction accounts, Savings, Investments, Debit Cards
Total assetsUS$40 million (H1:2012)
Number of employees
304 (2011)
Websitewww.zabg.co.zw

The bank was a small financial services provider in Zimbabwe, serving large corporations, small-to-medium enterprises (SMEs), as well as individuals. As of June 2012, its total asset valuation was quoted at US$40 million. At that time its shareholder's equity was estimated at US$18 million.[3]

History

Allied Bank was established in 2005 as Zimbabwe Allied Banking Group (ZABG). At that time, the assets and some of the liabilities of Barbican Bank Limited, Trust Banking Corporation and Royal Bank Zimbabwe were merged to form ZABG. The three banks were in financial distress at the time. In September 2010, the RBZ reversed itself and re-issued the commercial banking licenses of the three banks that had been closed. ZABG also retained its banking license.

In February 2013, ZABG rebranded to the Allied Bank name.[4][5]

In January 2015 the bank had its licence cancelled by the Reserve Bank of Zimbabwe after it was found to be in an unsafe financial position.[6]

Ownership

Prior to its closure the shares of stock of Allied Bank were privately held by Allied Fund of Mauritius (75%) and Trebor & Khays of Zimbabwe (25%)[7]

Branch Network

As of October 2013, ZABG maintained its headquarters on the 8th Floor, ZB Life Towers, Sam Nujoma Street at Jason Moyo Avenue, in Harare, Zimbabwe's capital and largest city. As of December 2011, the bank had maintained 22 networked branches in all parts of the country.[8] At the time, the bank's customers exceeded 50,000.[9]

See also

References
  1. List of Licensed Commercial Banks In Zimbabwe Archived 2012-04-17 at the Wayback Machine
  2. "RBZ cancels Allied Bank licence". The Herald. 9 January 2015.
  3. Bhebhe, Nqobile (24 August 2012). "Zimbabwe: ZABG Asset Base Grows to U.S.$40 Million". Zimbabwe Independent (Harare). Retrieved 6 September 2017.
  4. eDuzeNet. "Obert Mpofu's ZABG rebrands to Allied Bank". Bulawayo24 News. Retrieved 6 September 2017.
  5. "ZABG Rebrands To Allied Bank".
  6. "Allied Bank rot exposed". The Herald. 18 July 2017.
  7. Muronzi, Chris (4 April 2014). "Zimbabwe: Allied Boss Steps Down". Zimbabwe Independent (Harare). Retrieved 6 September 2017.
  8. Branches of ZABG
  9. Sibanda, Golden (15 June 2012). "Zimbabwe: ZABG Gets U.S.$22 Million Injection". The Herald (Harare). Retrieved 6 September 2017.
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.