HomeBusiness DigestApproval sought for Timba's exit

Approval sought for Timba’s exit

Godfrey Marawanyika

RENAISSANCE Merchant Bank is seeking regulatory approval from the Reserve Bank of Zimbabwe that could result in its chief executive officer Patterson Timba stepping d

own and replaced by the bank’s head of Treasury, Belmont Ndebele.

The group has recommended to the central bank that Ndebele take over from Timba.

Ndebele is set to be officially appointed on August 1.

Although Renaissance is engaged in talks with the central bank it is still awaiting the green light to appoint Ndebele.

Ndebele this week refused to shed light on the issue saying Timba was the one who deals with enquiries from the press.

“I cannot say anything at the moment but talk to our chief executive for clarification and anything that concerns the bank,” Ndebele said.

The latest changes are in line with the central bank’s monetary policy statement which states that if an individual is a major shareholder of a financial institution and has more than a 10% stake in it they cannot be involved in its day-to-day running.

Metropolitan Bank founder and chairman Enoch Kamushinda has already stepped down from heading his financial institution.

Kamushinda is now in charge of the bank’s international operations.

On Wednesday, Timba refused to comment on the changes.

Although Timba refused to comment, businessdigest has it on good authority that the central bank has already agreed in principle to have Ndebele take over the group.

Renaissance was begun in 2002 as a successor to Renaissance Advisory Services Group.

In April this year, Renaissance bought Barnfords Securities for $1 billion.

By purchasing the stockbroking company, the firm effectively joined the group of commercial and merchant banks already operating stockbroking firms in Zimbabwe.

NMB Holdings Ltd owned and operated Continental Securities Trading, Interfin Merchant Bank owns Interfin Securities, ABC Holdings (ABC stockbrokers), Intermarket Holdings (Intermarket Stockbrokers), Kingdom Financial Holdings (Kingdom Stockbrokers), National Discount House (NDH Equities) and Trust Holdings owns Trust Corporate Securities.

Renaissance said it has already managed to raise the $7,5 billion minimum capital requirement for merchant banks.

The group has set its sights on securing a management contract in Uganda.

Last year Renaissance tried unsuccessfully to expand into Sierra Leone.

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