Nedbank Zimbabwe, a unit of South Africa’s Nedbank Group, says it will be at the forefront of securing lines of credit for private sector funding as the financial institution seeks to play a leading role in the country’s economic development.
The financial institution, formerly MBCA Bank, seeks to become one of the top tier banks in the country and this will be driven by its quest to fund the private sector and the emerging small to medium enterprises sector.
Nedbank Zimbabwe managing director Dr Charity Jinya said the narrative that Zimbabwe is open for business is likely to drive the bank’s appetite to secure more funding lines for the private sector.
“As the economy and the environment improves, I am sure the socio-economic environment will unveil new agreements in place. As Zimbabwe becomes ready for business we will be at the forefront of these opportunities as they come.
“The Zimbabwe is open for business narrative is likely going to open a lot of opportunities and Nedbank Zimbabwe will be an active participant,” said Dr Jinya.
The financial institution has also spread its tentacles into small to medium enterprises funding, a sector that has been an engine for economic growth of late.
Dr Jinya said a lot of initiatives are being put in place to make sure SME’s get the necessary funding they require.
“Our SME loan book has been growing over the years and we have a specific SME centre and in each of our branches we have and SME banker to meet the needs of our SME clients and the size of it largely dependent on the demands of our clients.
“So it will be as large as our customers’ needs for funding from us,” she said.
MBCA Bank Limited rebranded to Nedbank Zimbabwe as it seeks to align itself with the parent company, the Nedbank Group across the Sub Sahara Africa region.
Nedbank Group Investment Africa holds 67, 48 percent shareholding in Nedbank Zimbabwe while Old Mutual Zimbabwe is the second largest shareholder with a 20, 9 percent stake.
Dr Jinya said the rebranding programme was not only on name change but ensured innovative financial products and services that allow the bank to leverage on the Nedbank name and what it stands for in the whole of the Southern Africa region.
“The rebranding aligns our brand, product offering and service commitment with that of the Nedbank Group including its subsidiaries across the region.
“The brand transformation will ensure that our bank continues on a growth path, thanks to the improved brand recognition it brings, coupled with enhanced solutions and services we will deliver to our clients,” she said.