HomeBusiness DigestPremier seeks banking, asset management licence

Premier seeks banking, asset management licence

Rodwin Chirara

PREMIER Discount House has applied to the Reserve Bank of Zimbabwe (RBZ) for a merchant banking and asset management licence.

, sans-serif”>The latest development comes hard on the heels of the raising of $9 billion from existing shareholders, which will be used for a merchant banking licence in line with the new capitalisation requirements set by the central bank.

The company has so far embarked on a major rebranding exercise. The exercise will see the setting up of a holding company called Premier Finance Group and the introduction of a new logo.

Sources said the company had already set up boards for the would-be merchant bank and asset management company in compliance with RBZ requirements.

Premier Finance chief executive officer Exodus Makumbe said he could not comment on the issue.

“We cannot comment about what happens between us and the Reserve Bank to the public because this is confidential information,” he said. “If it is meant for the public we will make it known.”

“We are rebranding because the environment in the financial sector has changed and as a company we have to adjust to these changes,” Makumbe said.

Founded in 2002 as a discount house Premier is reported to be managing funds worth more than $50 billion.

The company, which was recently rated as fair out of the existing seven discount houses by the RBZ, is also reported to be in a major recruitment drive.

It has flighted several advertisements in the local press.

According to insiders, the recruitment of staff has been done mainly to satisfy the requirements of the Reserve Bank in its effort to implement merchant banking operations.

“We are recruiting as you have seen in the press. This is in line with good corporate governance. It’s nothing new to any company,” Makumbe said.

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