HomeBusiness DigestNkala lands First Bank post

Nkala lands First Bank post

Godfrey Marawanyika

HERBERT Nkala, chief executive officer of Rainbow Tourism Group (RTG) has landed the chairman’s post of First Banking Corporation Ltd (First Bank).

rdana, Arial, Helvetica, sans-serif”>Nkala was chosen at First Bank’s annual general meeting last week.

He is currently in the United Kingdom as the chairman of the information and publicity committee for the Reserve Bank of Zimbabwe’s Homelink programme.

The month-long trip is meant to entice Zimbabweans abroad to send their foreign currency home.

The First Bank chairman was John Mkushi.

Nkala is also chairman of Zimbabwe Newspapers (1980) Ltd and has a substantial stake in the Lobels group together with First Bank chief executive officer, Livingstone Gwata.

This week First Bank issued a cautionary statement with the Southern African Reinsurance Cmpany (Sare) informing shareholders that the due diligence exercise was now complete.

The cautionary statement said these negotiations, which form part of the proposed merger, had reached an advanced stage and were now only awaiting regulatory approval.

“Should these milestones be achieved, First Bank and Sare will seek necessary shareholder approvals through extraordinary general meetings,” the cautionary said.

“Meanwhile, discussions with a third party which is an unlisted entity are ongoing and shareholders will be advised accordingly.”

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