Nedbank Zimbabwe Limited was established in July 2004 after changing from Zimbabwe oldest merchant bank , Merchant Bank of Central Africa Limited, which was incorporated on 31 July 1956. Nedbank Zimbabwe Limited is a wholly owned subsidiary of Nedbank Zimbabwe Holdings Limited whose shareholders (directly or indirectly) include:
- Nedbank Bank limited (RSA
- Old Mutual Zimbabwe Limited
- Mediobanca Banca de Credito Finanziaio (Italy )
- Nedbank Zimbabwe Employee Share Trust
Privileged with access to the cutting edge of global capital markets through its shareholder network, the Bank has numerous correspondent bank relationships in all financial centres worldwide. This enables it to access high level technical expertise and sources of competitive finance on a worldwide basis for the benefit of its clients.
Outlined below is the full range of services that Nedbank Zimbabwe will avail to its clients, from all its strategic business units. The Bank`s aim is to provide its subsidiaries with the most competitive service. Nedbank Zimbabwe international shareholder base enables it to access expertise and finance on a worldwide basis. The Bank`s fee structure is designed to encourage maximum utilization of facilities and is subject to negotiation on a case-by-case basis.
The Corporate Banking Division, whose primary activity is trade-financing, has long-standing expertise in financing Zimbabwe's imports and exports, as well as local working capital requirements. A variety of new products have been developed over the years in line with the requirements of a dynamic economic environment. The range of activities undertaken includes the following:
- Stock and debtor financing through foreign and local acceptance credit and other short-term facilities;
- Structured trade finance;
- The provision of short and medium term local loan facilities, including bridging finance;
- Provision of foreign loans for both capital goods and working capital requirements;
- Documentary letters of credit, documentary collections and open account payments; and,
- Relationship management;
- Nedbank Zimbabwenet (Internet Banking)
The Division was reconstituted in May 2011 to pursue opportunities for further growth in the bank chosen market segments with specific focus on new large ticket corporate client acquisitions, development of new markets, structured trade finance, loan syndications, bespoke products to meet specific client requirements, strengthening and developing the bank relationship with local and foreign financial institutions to arrange any financial support that may be required by the bank for the benefit of its clients.
A fully-fledged treasury division that does not only accept deposits and places them on the inter-bank market on behalf of clients but also engages in the following functions:
Trading in securities e.g. Treasury Bills and Local Registered and Government issued stocks;
- Issuing of Negotiable Certificates of Deposits; and,
- Accepting and discounting of Bankers Acceptances
- Advising on money market investments.
The International department handles foreign currency accounts for corporate as well as individual clients. It manages the Bank exposure to interest rates, foreign exchange, and liquidity risks.
The Bank has one of the longest established Advisory Services units in Zimbabwe. The division has a strong tradition in designing bespoke and innovative financial solutions for its chosen markets, in an increasingly challenging environment.
With access to global capital markets through its shareholder network, Nedbank Zimbabwe provides the full range of corporate advisory services, namely:
- Mergers and acquisitions, asset disposals, business valuations, capitalisation issues, commercialization and privatizations. Related to this field we also handle demergers, carve outs or spin offs and defense of hostile takeover bids;
- Stock exchange listings, private placements and rights issues;
- Ancillary stock market work including issuing house functions, underwriting arrangements and advisory services on regulatory matters;
- Management buy-outs or buy-ins;
- Localization and/or disinvestment transactions;
- Cross border investment applications and advice;
- Corporate and share capital reconstructions;
- Independent opinions;
- Project initiation, project analysis and financing;
- Export credit backed financing arrangements;
Nedbank Zimbabwe Limited opened its first Retail Banking Branch on 1st December 2004 at 99 Jason Moyo Avenue Harare. Then followed the opening of branches in Belmont in 2005, Mutare in 2006, Southerton in 2006, Bulawayo Leopold Takawira branch in 2007 and Zvishavane Branch in 2011.
Retail Banking Products
- Foreign currency accounts
- Internet Banking (Nedbank Zimbabwenet)
- Bancassurance ( Nedbank Zimbabweinsure)
- Travelex Cash Passport
A multi-disciplinary team of professionals is engaged by the Bank to service selected market segments countrywide. The customer facing Divisions are ably and reliably supported for the smooth running of the day to day operations of the Bank by colleagues in Marketing & Public Relations, Human Resources, Finance, Legal & Compliance, Risk Management, Internal Audit, Information and Communication Technology (ICT).