CBZ Bank handsomely pays its directors. THE country’s largest banking group, CBZ Holdings, has surpassed the Reserve Bank of Zimbabwe (RBZ)’s prescribed minimum capital requirement of US$100 million, the Financial Gazette’s Companies & Markets can report.
Group chief executive officer, Never Nyemudzo, revealed that the commercial bank’s core capital base now stands at US$111 million, making CBZ the only bank in the country to surpass the central bank’s target for commercial banking institutions to have capitalisation of US$100 million with effect from 2020.
A huge core capital base indicates long-term stability for the group which is in a sector that has been characterised by bank closures particularly of indigenous banks.
“We have already surpassed the RBZ minimum capital requirement of US$100 million which is effective 2020,” said Nyemudzo.
The central bank last year introduced a three-tier system for banks in complying with the minimum capital threshold.
The tier system has different capital thresholds and functions with banks in the tier 1 strategic segment required to have minimum core capital of US$100 million with effect from 2020.
