• CBZ Holdings names Lawrence Nyazema as new Group CEO, effective April 19th, 2024
  • Nyazema previously served as Acting CEO since December 1st, 2023, and Managing Director of CBZ Bank Limited
  • CBZ seeks to acquire FML and ZB Financial Holdings, aiming to create a leading financial services company and solidify its market position

Harare- CBZ Holdings, a ZSE listed financial giant has announced the appointment of Lawrence Nyazema as the new Group Chief Executive Officer, effective from April 19th 2024. The bank circulated this news on April 24th, 2024.

Lawrence had been serving as the Group Acting CEO since December 1st, 2023.

Before assuming the role of Acting Group Chief Executive Officer, Lawrence held the position of Managing Director at CBZ Bank Limited, the flagship asset of the Group  which he took up on January 1st, 2022. He initially joined the bank as the Executive Director of Wholesale Banking in January 2020.

Prior to his tenure at CBZ, Lawrence spent 19 years at Barclays Bank (now First Capital Bank), where he held various positions, including Commercial Director from April 2011 to December 2019 and Treasurer from July 2007 to March 2011.

Lawrence's career began at ZB Financial Holdings, where he worked from 1990 to 2000. During his time there, he held multiple positions, starting as an Analyst and eventually becoming a Senior Treasury Dealer before leaving.

Nyazema will be responsible for leading CBZ's acquisition of FML and ZB Financial Holdings. The Zimbabwe Stock Exchange has given CBZ 90 days, starting from April 10th, 2024, to make an offer to FML shareholders, following the expiration of the initial 6-month period.

CBZ is currently awaiting regulatory approval for this transaction, which aims to create a comprehensive financial services company.

Even before the potential acquisition of ZB and FML, CBZ already holds the position of the bank with the largest deposits and assets in the country. CBZ acquired a 36.35% stake in FML. This move not only eliminates competition but also positions CBZ as the dominant player among its peers.

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