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Business Reporter

Stanbic Bank has appointed Mr Solomon Nyanhongo as its chief executive with effect from January 1, 2020.

He takes over from Joshua Tapambgwa who has been at the helm of the bank for the past 13 years. Mr Nyanhongo joined Stanbic in 2003 as a senior manager, Finance.  He was promoted as chief financial officer in 2009, a position he held until his latest appointment.

A chartered accountant, Mr Nyanhongo holds a Masters in Business Administration from Nottingham Trent University, UK, Bachelor of Accounting Science (Honours) from the University of South Africa and an honours accounting degree from the University of Zimbabwe.

“The board of directors takes this opportunity to express its sincere thanks and gratitude to the outgoing chief executive, Joshua Tapambgwa for his 18 years of dedicated service and for the astute leadership he exhibited throughout his role as chief executive of Stanbic,” the bank said in a statement.

“Joshua leaves indelible mark of distinction on Stanbic, having steered the organisation through some turbulent times in the economy and in the banking sector in particular. He leaves the bank at the apex of the financial service industry in Zimbabwe, having been instrumental in achieving strong performances during 13 years as chief executive.”

Stanbic Bank defied the economic challenges bedevilling the country during Tapambgwa’s tenure to perform admirably with some of the major highlights being awarded Best Bank in Zimbabwe not only as judged by analysts, media houses and financial institution in the country but also by respected global institutions.

In 2020, Stanbic Bank was named best bank in Zimbabwe by two reputable institutions Europe, Middle East and Africa Finance and The Banker respectively. The later award is the second year running that Stanbic scooped the accolade. Stanbic said as much as Mr Tapambgwa did well during the harsh economic times in Zimbabwe, he has been instrumental in guiding Stanbic Bank in these trying Covid-19 pandemic times with the institution introducing a several of products aimed at protecting its customers from the pandemic while ensuring they received top-notch service.

The need to keep a social distance while having to ensure customers’ needs were not compromised, saw Stanbic Bank introducing highly innovative products such as the contactless debit cards to protect its clients from contracting the virus among other measures.

“Every institution is judged by its performance and am humbled to have played a pivotal role in positioning Stanbic as one of the top performers in profit After tax, return on equity and governance issues,” said Mr Tapambgwa.

He said leading a team trusted with responsibilities to hold dual roles (Zimbabwean and regional roles) such as head of finance, head of audit, head of risk, head of projects, head of group physical security was one of his proud moments in life as it demonstrates the extent to which the team he has developed had expanded their capacity to lead across the group.

Mr Nyanhongo said he was looking forward to his new challenge with excitement.

“Stanbic Bank is a big institution and being appointed to take it forward is a challenge I welcome with both hands. Having worked closely with Josh (Tapambgwa) and observing how he rode all challenges we faced will hold me in good stead going forward. Mr Tapambgwa leaves the institution in fine fettle and I am committed to taking it even further as we move into the era of the ‘new normal’ which calls for innovation as the world embraces digitisation and the menacing Covid-19,” said Mr Nyanhongo.