ONE of the founding managers of the Zimbabwe Allied Banking Group (ZABG), Never Mhlanga, has quit the bank on what has largely been blamed on management tussles.
Mhlanga, a founding managing director of ZABG asset managers and stockbrokers, is severing ties with the group at the end of this month.
His departure makes him the second MD to leave ZABG in four months, after Dominic Magwada.
Mhlanga becomes the fifth senior manager to leave ZABG during the same period.
According to a letter written by ZABG chief executive officer, Stephen Gwasira to staff members of the group, Mhlanga has departed on a voluntary basis.
“I wish to inform you that our colleague, Never Mhlanga, will be voluntarily leaving ZABG at the end of this month to pursue other interests,” Gwasira said.
“As you are aware, Never Mhlanga has played a key role in the formation of ZABG and the success that the bank has achieved since commencement of operations in January 2005. His departure, will, therefore, be a great loss to the institution.”
Gwasira said work relating to stockbroking, asset management and unit trusts will be handled by Peter Kadzere, currently general manager (asset management).
The ZABG was born out of the forced merger involving Trust, Royal and Barbican banks by the central bank.
Yesterday Mhlanga could not be drawn into commenting on his impending departure saying he was in an “afternoon meeting”.
The ZABG spokesperson had not responded to questions sent to her organisation by the time of going to print.