eBusiness Weekly
Nelson Gahadza
CBZ Bank says traditional lines of business are consciously stretching into new areas and new business models, and these opportunities have quickened the bank to reflect and reconsider its strategies going forward to remain relevant.
The bank is a wholly owned subsidiary of the diversified and listed financial services group, CBZ Holdings, that provides a complete range of financial services through various subsidiaries whose activities include banking, short and long term insurance, asset management, securities trading and property investments.
Lawrence Nyazema, the bank’s managing director at the launch of the CBZ Trustee Services, said with the initiative, CBZ Bank is basically positioning itself to partner with capital market participants at any level of the economy.
“Trustee Services is coming at a time whereby our thrust for creating successful partnerships can be a strengthening pillar from the growth that we anticipate in the next five years,” he said.
He said it is imperative that the bank is strategically positioned to participate in the significant initiatives that drive growth and that underlines CBZ’s commitment to the development of the Zimbabwe economy and emerging markets.
“As we pursue growth, now is not the time for complacency as we continuously face new demands, evolving skill set requirements, sophisticated customer expectations and new technological innovations, over and above the unpredictable operating environment,” he said.
Globally, the significance of trust services is increasing as part of the broad range of asset management services provided by financial institutions.
Nyazema said this is an area of huge growth locally and even beyond as significant investments are estimated to capitalise the market over the next few years.
CBZ Bank has under its purview CBZ Custodial Services which provides custody of electronic and physical instruments on behalf of investors such as, bonds, share certificates, title deeds, educational certificates, wills and any other high valued documents as required.
Nyazema said the bank anticipates significant implications from both a revenue generating perspective and infrastructure development perspective.
He said there are various opportunities in the economy such as raising funding locally and beyond, participation on new products in the capital markets such as REITS, ETFS and Bonds.
He added that other opportunities are within construction projects and infrastructure projects while agriculture opportunities lie in the exporters and Agro yield- warehouse receipting for farmers.
The bank’s footprint in the capital markets include shareholding in Zimbabwe Mercantile Exchange (ZMX), which is an end-to-end commodities market place and a shareholding in Chengetedzai Depository market through the Group.
