Overview of Banks 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.
According to Moody’s Investor Services in December 2020, the outlook for African banks will remain negative into 2021 amid difficult operating conditions and sovereign pressures straining banks’ credit profiles, Moody’s said in a report published today. Loan quality, profitability, and foreign currency liquidity will be the main stress points next year for banks, although stable funding and capital could limit the impact.
For anyone considering a banking career in Zimbabwe, this list of top banks in Zimbabwe is a helpful guide on where to start. To learn more, see our list of financial institutions.
The Top Banks in Zimbabwe Include:
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 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 a long-term rating of A from the Global Credit Rating Company of South Africa. It was named Best Bank in Zimbabwe 2020 from Euromoney. It currently employs 1,344 staff and operates a network of 66 branches across the country.
Net income: ZWL 5.07 billion (2020)
Total assets: ZWL 94.88 billion (2020)
ZB Bank Limited of Zimbabwe
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.
Net income (ZBFH): USD 15.5 million (2017)
Total assets (ZBFH): USD 527.7 million (2017)
BancABC Zimbabwe (ABC Holdings Ltd)
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 1956.
The bank currently employs 1,501 staff and manages and oversees 19 branches and 35 ATMs.
Net income: ZWL -2.8 million (2016)
Total assets: ZWL 2.04 billion (2016)
First Capital Bank
First Capital Bank, formerly known as Barclays Bank of Zimbabwe, is a subsidiary of Afcarme Zimbabwe Holdings. The bank offers personal banking, commercial banking, and internet banking services to customers across Zimbabwe. It started its banking operations in 1912 – making it one of the oldest banks in Zimbabwe – after the National Bank of South Africa purchased Bank of Africa and effectively became (South Africa-controlled) Barclays Bank.
The commercial bank employs around 521 staff and oversees a network of 32 branches and 46 ATMs located in major commercial centers across the country.
Net income: ZWL 1.74 billion (2020)
Total assets: ZWL 13.91 billion (2020)
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. It employs around 900 individuals.
Net income: ZWL 274.5 million (2/2020)
Total assets: ZWL 3.30 billion (2/2020)
Standard Chartered Bank Zimbabwe
Incorporated in 1983, Standard Chartered Bank Zimbabwe offers a comprehensive range of personal and business banking products and services. It ranks highest among banks in Zimbabwe as the recipient of several prestigious awards, including Best Bank in Zimbabwe 2021 from Global Finance.
Based in Harare, the bank currently employs 390 staff and oversees 20 branches.
Net income: ZWL 335.5 billion (2019)
Total assets: ZWL 2.90 trillion (2019)
Agricultural Development Bank of Zimbabwe (Agribank)
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 1971. 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.
Net income: ZWL 33 million (2019)
Total assets: ZWL 1.52 billion (2019)
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.
Net income: ZWL 1.51 billion (2020)
Total assets: ZWL 32.40 billion (2020)
Stanbic Bank Zimbabwe
Stanbic Bank Zimbabwe operates as a fully owned subsidiary of Stanbic Bank Investment Corporation. In 1992, the bank started its commercial operations as one of the banks in Zimbabwe, after becoming part of the Standard Bank Group.
The bank offers personal banking, commercial and enterprise banking, corporate banking, along with investment, and several other financial services. With 648 employees, it oversees 18 branches, three executive suites, and 24 ATMs. Stanbic Bank was named Best Bank in Zimbabwe 2020 by The Banker.
Net income: ZWL 477.4 million (2019)
Total assets: ZWL 7.53 billion (2019)
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.
Net income: ZWL 817 million (2019)
Total assets: ZWL 8.07 billion (2019)
Careers in Investment Banking
To break into investment banking, there are several important things to focus on. These include networking, resume, experience, and financial modeling skills. To learn more, explore our interactive career map: For banking careers, you will have a significant edge over the competition with our financial modeling courses.
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: