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Business Reporter
IMARA Holdings has appointed Mr Tom Gaffney as chief executive to replace founding director Mr Mark Tunmer, who has stepped down but will head the group’s local unit.

Mr Gaffney had served as a non-executive director of the Botswana Stock Exchange-listed Imara Holdings since November.

Mr Gaffney was once CEO of Ambrian plc in the United Kingdom, a natural resources investment bank active in Africa and listed on the AIM market of the London Stock Exchange.

Prior to founding Ambrian plc in 2001, Mr Gaffney was a director in the corporate finance department of Robert Fleming & Co/JP Morgan.

Mr Tunmer retired as CEO of the group with effect from March 24, 2015. Mr Tunmer will, however, remain a director of Imara and will take on the role of non-executive deputy chairman at the group.

In addition, he will continue to make a contribution as chief executive officer of Imara’s subsidiary company, Imara Capital Zimbabwe (Private) Limited.

Mr Tunmer, who is the founder of Imara, joined the group in March 1985 in Zimbabwe and was largely responsible for the establishment of Investment Group in Botswana in 2002.

He then led its growth into Africa, resulting in Imara being represented in several African countries.

He was instrumental in Imara’s licensing in the International Financial Services Centre, Botswana’s offshore centre in 2003 and listing on the Botswana Stock Exchange in October 2006.

“The board thanks Mr Tunmer for his past contribution and wishes him well in the future. The board looks forward to Imara’s continued growth under leadership of Mr Gaffney,” Imara said.

Imara Holdings is an independent Botswana-listed investment banking group. It is mid-sized company with offices in Angola, Botswana, South Africa and the UK and associate offices in Malawi, Mauritius, Zambia and Zimbabwe.

It has also partnered with Chapel Hill Denham in Nigeria, Sterling Bank in Kenya, Namibia Equity Brokers and Mac Capital in Dubai.

The group is an active participant in Africa’s financial markets and maintains extensive research coverage of regional equities. It provides a range of specialised financial products and services broadly categorised as asset management (institutional and private client) corporate finance and advisory services, securities and trust and administration services.