Zimbabwe’s biggest bank plans VFEX listing

Marc Holtzman, chairman of CBZ Holdings

CBZ Holdings, the biggest bank in Zimbabwe, plans to list on the U.S. dollar-denominated Victoria Falls Stock Exchange (VFEX), as part of efforts to ignite foreign interest in the lender.

The firm is “actively exploring” a listing, which could address concerns for foreign investors of having funds stuck in the country, Chief Executive Officer Blessing Mudavanhu said in an interview Friday.

The lender is currently only listed on the main exchange in Harare. CBZ Chairman Marc Holtzman, a 30-year banking veteran who has worked at Barclays Plc and ABN Amro Bank NV, said the Victoria Falls listing will take place this year.

“If the Victoria Falls Stock Exchange does everything we believe and think it can do, there’ll be no need to list dually,” Holtzman said during the interview.

A listing on VFEX will also provide the lender with an avenue to also explore growth opportunities, particularly within the southern African region.

“We still have a huge appetite for the local market, however we cannot rule out expansion outside of Zimbabwe when the opportunity arises,” said Holtzman.

CBZ has signed on to two U.S.-based correspondent banking relationships since the U.S. Treasury Department cleared the lender of a US$385 million penalty for processing transactions on behalf of ZB Bank, which was then under American sanctions.

“This has improved our operations significantly,” Holtzman said.

The lender on Friday reported that full-year 2020 profit jumped more than sixfold to Z$6.15 billion, from Z$920 million in 2019.

VFEX launched in February last year, but has so far only has one listing, Seedco International, which was quoted in October. Wood fired hot tubs for sale, grill houses, camping pods, outdoor saunas Balticspa.co.uk