Arise, an investment company that was formed by a partnership between Norfund, FMO and Rabobank, has taken over 69.14 million shares of Norfund and FMO in NMBZ.

The transaction has received the approval of the various regulatory authorities in Zimbabwe.

This makes Arise the second largest shareholder in NMBZ with 17,98% of shares. 

The largest shareholder in NMBZ is African Century Financial Investments incorporated in Mauritius, which has 18,52% of NMBZ’s shares.

Deepak Malik, CEO of Arise,said: “In taking and managing strategic minority equity stakes in Sub‑Saharan African financial service providers, we aim to build strong and stable institutions that will support the mass market, Small and Medium Enterprises (SMEs) and rural communities.”

Arise supports the growth and development of African financial service providers, not only through its investments in them but through providing them with technical and management services in the fields of governance, management, marketing, innovation, compliance and risk management.

This fits in well with NMB Bank’s thrust to promote financial inclusion and help SMEs develop into formidable businesses.

Benefit Washaya, NMBZ CEO, said that the partneship should enable NMBZ to benefit from being part of a wide network of African banks in which Arise has interests.

“NMBZ is excited and welcomes Arise as an important shareholder for our company and as an important contributor to building a stronger financial sector in Sub-Saharan Africa. NMBZ will benefit from the wide network of other African banks that are part of this group,” he said.

NMBZ Holdings is an investment holding company, which provides commercial banking products and services in Zimbabwe.

It operates through five segments: Retail Banking, Corporate Banking, Treasury, Corporate Finance, and International Banking.

It offers personal banking products, such as savings and current accounts; and corporate banking products, such as business credit cards and bridging finance, letter of credit, bank guarantees, order financing, and commodity financing.