On a Date with CBZ Holdings (CBZH)

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The foundation cracked before entering into my teens. An ambitious parent broke all the rules to succeed. I got saved by the government. Welcome to On a Date with a listed company on the Zimbabwe Stock Exchange (ZSE) THREAD: On a Date with CBZ Holdings

#1. History, 1922, In a northern city of India called Lucknow a middle class family welcomes baby Agha Hasan Abedi. The city is known for its rich culture and hospitality. Agha becomes a charismatic who charms his way into rich networks.

1947, Agha moves to Pakistan, which had just become independent of colonial rule from Britain. There he joins Habib Bank Limited the first commercial bank in Pakistan. 1959, Agha establish the United Bank Limited as he left the family run Habib Bank.

1972, Ambitious Agha becomes convinced that his goal to dominate world banking won't be achieved in Pakistan. The government was trying to safeguard businesses resulting in nationalization of enterprises. Agha plots the birth of a sophisticated entity.

Bank of Credit and Commerce International (BCCI) is incorporated in Luxembourg with its head offices in London and Karachi. The start up capital was funded by Bank of America and Sheikk Zayed bin Sultan Al Nahyan, the ruler of Abu Dhabi part of the UAE.

1979, BCCI enters African markets including Zimbabwe upon its independence from Britain. 1981, Government of Zimbabwe (GoZ) takes up 49% stake in Bank of Credit and Commerce Zimbabwe (BCCZ) with BCCI Holdings taking 51% shareholding.

1991, A group of central banks namely the Federal Reserve and Bank of England coordinated the closing of BCCI. The closure was necessitated by the discovery of massive fraud within the global bank. GoZ responded to the closure by taking control of BCCZ.

BCCZ rebrands to Commercial Bank of Zimbabwe (CBZ) with a new management team. 1995, Gideon Gono becomes the MD. It was in his tenure that the bank transformed into a successful bank. 1997, GoZ seeks to recapitalize the bank and get a technical partner.

Amalgamated Banks of South Africa (ABSA) agrees to acquire 25% in CBZ and become its technical partner. 15% stake is bought by International Finance Corporation (IFC), a private sector investment vehicle of the World Bank. 1998, CBZ is listed on the @ZSE_ZW

2005, CBZ Bank restructures its business thereby making it a subsidiary of a new entity CBZ Holdings (CBZH). CBZH acquires Dataworld, a company developing financial markets' analysis software package, Dataworld Sharepower. Later known as Datavest

2007, Beverly Building Society's assets are taken over by CBZH. 14 years later CBZ Bank integrate Beverly Building Society business into its commercial bank. 2020, The CBZ Capital unit is established. Responding to the Covid-19 the CBZ digital was set.

#2. Operations, CBZH is financial services group which operates in Zimbabwe.

Banking CBZ Bank • + 60 branches operated across Zimbabwe which offer commercial banking services and mortgage financing. Red Sphere Finance • A licenced credit only microfinance which offers loans to individuals and SMEs.

Insurance CBZ Life • offers long term life assurance, education and retirement savings products. CBZ Insurance • offers short term insurance products through insurance brokers, agents, ban assurance. CBZ Risk Advisory Services • Estate Planning

Investment Datvest • offers a range of managed investment portfolio services to pension funds, corporates and individual investors. CBZ Capital • It supports in structuring financing or capital raising for projects through debt and equity deals.

#3. Competitors, CBZH is the largest financial services group in Zimbabwe however it has formidable rivals who are listed on the ZSE. ° FBC Holdings ° ZB Holdings ° First Mutual Holdings ° Old Mutual Zimbabwe ° Zimre Holdings ° First Capital ° Getbucks

#4. Share Price, 124 ZWL per share as at December 6, 2022. 75 ZWL per share on the 3rd of January 2022. 16th on ranking in terms of year to date performance on the ZSE. 27th most traded stock over the past 3 months to 7/12/2022. 522,012,108 issued shares

#5. Shareholding, 21.86% of CBZH is controlled by Akribos, an investment firm which seeks to expose investors to proven sub Saharan investments. A nominee shareholder is the registered owner of shares, however these are held for the benefit of another

#6. Management, His CV is a testament of the hard work he has put in developing his career. Qualifications • Masters in Financial Engineering • Doctor of Philosophy in Mathematics FoundedDura Capital, worked for Merrill Lynch, BancABC, AIG & DBSA

Each week will be on a Date with a company listed on the ZSE The purpose of this thread is to have a minimum appreciation of listed firms. Disclaimer: Do not misconstrue this thread as investment advise DATE companies before you buy its shares.