Top Banks in Zimbabwe
Guide to major financial institutions in Zimbabwe
Guide to major financial institutions in Zimbabwe
The Reserve Bank of Zimbabwe acts as the central monetary authority of the country. Founded in 1964, the central bank supervises micro-finance institutions, building societies, money-lending institutions, and banks in Zimbabwe. It also formulates and implements monetary policies, maintains price stability, and promotes a stable financial system.
South African credit ranking institution NKC African Economics recently upgraded its credit rating for Zimbabwe from negative to stable. Investors can take advantage of opportunities, following the country’s election of a new president in 2017, according to the internationally recognized economic research firm.
For anyone considering a banking career in Zimbabwe, this list is a helpful guide on where to start. To learn more, see our list of financial institutions.
CBZ Bank is one of the leading banks in Zimbabwe, offering a wide range of banking and financial services to individual and corporate customers in Zimbabwe. In 1991, the Government of Zimbabwe took over the former Bank of Credit and Commerce and renamed the bank Commercial Bank of Zimbabwe Ltd. In 2004, it adopted the CBZ Bank name and became a fully owned subsidiary of CBZ Holdings.
The bank holds a short-term credit rating of A1 and long-term rating of A from the Global Credit Rating Company of South Africa. It currently employs 923 staff and operates a network of 66 branches across the country.
Revenue: USD 152.95 million (2017)
Net income: USD 27.84 million (2017)
Total assets: USD 2.19 billion (2017)
ZB Bank traces its origins to the Netherlands Bank of South Africa, which was established in 1951. In 1992, it became a subsidiary of Zimbabwe Financial Holdings Limited (ZBFH) and later adopted the ZB Bank Limited name in 2006, after the group adopted a monolithic brand.
Headquartered in Harare, the commercial bank employs 631 individuals and manages 47 branches.
Revenue (ZBFH): USD 72.7 million (2017)
Net income (ZBFH): USD 15.5 million (2017)
Total assets (ZBFH): USD 527.7 million (2017)
BancABC Zimbabwe operates as a subsidiary of pan-African financial services provider ABC Holdings Limited. It offers personal, business, and wholesale banking services throughout Zimbabwe. BancABC started its commercial banking operations in the country in 2009.
The bank currently employs 315 staff manages and oversees 19 branches and 35 ATMs.
Barclays Bank of Zimbabwe is a subsidiary of Barclays Bank Plc. The bank offers personal banking, commercial banking, and internet banking services to customers across Zimbabwe. It started its banking operations in 1912 after the National Bank of South Africa purchased Bank of Africa and effectively became (South Africa-controlled) Barclays Bank.
The commercial currently bank employs around 713 staff and oversees a network of 27 branches and 46 ATMs located in major commercial centers in the country.
Revenue: USD 71.51 million (2017)
Net income: USD 19.79 million (2017)
Total assets: USD 551.61 million (2017)
Incorporated in 1970, Steward Bank received its commercial banking license in 2008. It currently operates as a subsidiary of Econet Wireless Zimbabwe Limited, which acquired a majority shareholding in TN Bank, Steward Bank’s predecessor, in 2013. The bank offers innovative financial solutions through its focus on the combined use of telecommunications and technology.
Revenue: USD 30.1 million (2017)
Net income: USD 6.16 million (2017)
Total assets: USD 226.06 million (2017)
Incorporated in 1983, Standard Chartered Bank Zimbabwe offers a comprehensive range of personal and business banking products and services. The bank is a recipient of several prestigious awards, including Best Bank in Zimbabwe 2017 from Euromoney, Best Digital Bank in Zimbabwe 2017 from Global Finance, and Bank of the Year 2017 from The Banker Magazine.
Based in Harare, the bank currently employs 582 staff and oversees 20 branches.
Revenue: USD 62.83 million (2017)
Net income: USD 13.33 million (2017)
Total assets: USD 815.98 million (2017)
Agribank is a mid-tier financial services provider in Zimbabwe, offering retail, corporate, commercial and international banking services in the country. The bank, formerly known as Agricultural Finance Corporation, was founded in 1999. In 2002, it became an agriculture development bank as part of the government’s land organization strategy to provide farmers with financing.
The bank currently employs 462 employees and manages 45 branches.
FBC Bank operates as a fully owned subsidiary of diversified financial services group FBC Holdings Limited. The bank provides retail and SME banking, private banking, corporate and institutional banking, and diaspora banking services. It operates a network of 17 branches and 6,300 POS terminals across the country.
Revenue (Group): USD 65.72 million (2017)
Net income (Group): USD 23.25 million (2017)
Total assets (Group): USD 712.44 million (2017)
Stanbic Bank Zimbabwe operates as a fully owned subsidiary of Stanbic Bank Investment Corporation. In 1992, the bank started its commercial operations in Zimbabwe, after becoming part of the Standard Bank Group. It offers personal banking, commercial and enterprise banking, corporate banking, investment and several other financial services. With 659 employees, the bank oversees 20 branches.
Revenue: USD 108.96 million (2017)
Net income: USD 27.63 million (2017)
Total assets: USD 1.4 billion (2017)
Ecobank Zimbabwe commenced its merchant bank operations in 2002 as Premier Finance Group. In 2011, it adopted its current name, following Ecobank Transnational’s acquisition of a controlling stake in Premier Finance, and received its commercial banking license a year later.
The bank offers retail and investment banking services to customers across the country. It also provides equity-linked products. Ecobank currently operates a network of 12 branches.
Revenue: USD 54.24 million (2017)
Net income: USD 22.02 million (2017)
Total assets: USD 546.83 million (2017)
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This has been a guide to the top banks in Zimbabwe. For anyone looking for a career in banking, this list is a great place to start your networking. Please also see these additional resources: