HomeBusiness DigestBeverly invests in banking platform

Beverly invests in banking platform

Eric Chiriga

ZIMBABWEAN mortgage lender Beverly Building Society (Beverly) is in the process of acquiring a new banking system and platform worth an estimated $18 billion.

=”Verdana, Arial, Helvetica, sans-serif”>In confirming the information technology commitments, the society’s general manager in charge of branch operations Enock Moyo, however, declined to speculate on the rollout infrastructure upgrade figure.

“I cannot disclose any information concerning the project currently,” he said.

Moyo said he was gagged because Beverly had not informed shortlisted potential software suppliers yet, but they had the resources and financial muscle to undertake the project.

And sources, telling businessdigest on Wednesday that Beverly was armed with an $18 billion cash war chest for the project, said the foreign-owned building society was due to sign supply contract papers next week.

Owners of Beverly include a British family trust whose majority shareholding has been a constant takeover target of numerous Zimbabwean groups, including management.

Moyo said they would work closely with the company nominated to implement the system.

His bank chairman Mike Frudd, announcing group results last Friday, referred to the undertaking of a new core banking system, which, once operational, will enhance internal, and inter-bank transactions.

Beverly, registered in terms of the country’s building societies’ Act and its principal operations in mortgage finance and deposit accumulation, has in recent years pursued other revenue-enhancing investments, namely insurance.

The company owns slightly over 30% of Tristar Insurance, along with troubled First Mutual Life and benighted Trust Bank Corporation Ltd.

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