The Public Service Pension Fund (PSPF) has doubled its stake in CBZ Holdings to 22% after acquiring an additional 10% of the country’s biggest banking group for the equivalent of US$96 million.
The transaction, done via a negotiated deal on the Zimbabwe Stock Exchange on Friday, involved 62,276,714 CBZ shares, 11.91% of the company. The trade was at ZiG41.51 per share, above CBZ’s ZiG39.99 closing price on Friday and around the stock’s recent 52-week high. CBZ shares have gained more than 250% since the beginning of the year, making it one of the exchange’s strongest-performing counters. The share deal valued CBZ at around US$806 million, some 16% above the company’s market value of about US$700 million on the day.
With this transaction, the pension fund is now the second largest shareholder of CBZ. The identity of the seller has not been disclosed. However, the stock was handled by Akribos, the fund manager that has previously handled trades as a reported nominee for businessman Kuda Tagwirei. This cuts the Akribos stake from 10.35% – which was the second largest shareholding – to 6.4%. NSSA remains the largest shareholder, with 23.5%. Government, through the Mutapa Fund, is the third largest shareholder at 17.7%.
The Fund says the acquisition is a deliberate long-term investment, adding more variety to a portfolio currently dominated by property.
“We are deliberately deepening our exposure to financial assets alongside our investments in property, infrastructure, hospitality and other sectors,” PSPF director-general Farai Gaba told The Herald. “As the fund continues to grow, our investment strategy is increasingly focused on ensuring that this growth is supported by an appropriately diversified portfolio of performing assets. Our objective is not simply to accumulate assets, but to hold quality investments that generate sustainable returns, preserve value and strengthen the fund’s capacity to meet its long-term obligations to members.”
The Fund’s capitalisation had grown to about US$700 million by August 2025, up from US$138 million in 2019, according to data from the 2026 National Budget statement. PSPF has been developing a portfolio spanning residential property and hospitality. It has recently bought two hotels from African Sun; Monomotapa Hotel for US$18 million and Carribea Bay for US$ 5.65 million.
Pension funds are big on property, showing how cautious many remain. According to the Insurance and Pensions Commission, 40% of pension funds’ assets are in property.
In CBZ, PSPF is increasing its share of the country’s biggest bank by assets and deposits. At the half-year, it had assets of US$1.5 billion, up from US$1.4 billion on the first half of last year. CBZ expects to grow assets by a further 15% in the second half. Deposits grew 20.3% from June last year to US$1.2 billion.
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