HomeBusiness DigestFormer ABCH interim CE to leave group

Former ABCH interim CE to leave group

FORMER ABC Holdings acting CE Blessing Mudavanhu has resigned from the financial services group as the company awaits regulatory approval to complete the merger between BancABC Zambia and Finance Bank of Zambia.

By Bernard Mpofu

Mudavanhu joined ABC Holdings in 2009 as group chief risk officer. He subsequently accepted the role of acting group CE, in which he served from January 2015 until August 2016.

Early this month businessdigest reported that Atlas Mara, the parent company of African Banking Corporation Holdings (ABCH), had appointed its CE John Vitalo as the head of the pan-African banking entity as heads roll at the institution amid concerns over the poor perfomance of the financial services group

“I regret to announce that Dr Blessing Mudavanhu, ABC Holdings group chief risk officer, will be leaving the company at the end of December 2016. After deliberation with Blessing, I have accepted his desire to leave to explore other personal interests,” Vitalo said in an internal memo seen by this paper. “I am grateful for his commitment and passion for the organisation. Blessing will continue to serve on the BancABC Zimbabwe board as a non-executive director. Over the next few months Blessing will work closely with the rest of the ABCH leadership team to transition his current responsibilities and the key stakeholder relationships he has been responsible for managing.”

On the merger with the Zambian entity, Vitalo said the group had set up a management team for the merged unit, but the two banks continued to be run separately pending a greenlight from authorities.

“Please note that our two banks (BancABC and Finance Bank), will continue to have their current management teams in place until regulatory approval for us to operate as one bank. The existing management team members from both banks will, therefore, continue fulfilling their important current leadership roles and we are working to agree the way forward with those who have not yet been selected as heads of functions for the merged bank. We remain confident that many of them will find suitable roles within the broader leadership team of the merged bank,” he said.

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