HARARE- Getbucks microfinance bank, which is the only listed microfinance bank on the ZSE’s main board has instituted organisational restructuring through creation of a new role of Deputy Managing Director as were reassignment of personel.
In a statement the bank said Paul Soko, a chartered accountant who has been with the bank in the capacity of chief financial officer, will assume the role of deputy managing director, where he will deputise Mudangwe.
Soko, who is a chartered accountant will also oversee the role of chief operating officer after founding director Gerrie Fourie was reassigned elsewhere within Mybucks group SA.
The key changes to the structure were announced at an AGM a month ago in the capital Harare. The position of CFO will be filled by Patrick Mashinga who is a chartered accountant and was previously group finance manager at Brainworks.
Getbucks, is one of the 3 deposit taking microfinance banks in Zimbabwe and recently received shareholder nod to raise $5,000,000 through a rights issue to shareholders.
In a circular to shareholder ahead of the EGM, the bank said it required the new capital injection to grow its loan offerings to productive sectors of the economy.
The MFI was earlier reported to be eyeing transformation into a fully-fledged commercial bank by year end. Getbucks is majority controlled by Mybucks SA which in turn is majority owned by Ecsponent, a JSE listed outfit.
Investment banker, George Manyere, emerged as a majority shareholder in Ecsponent after exiting Brainworks.
EQUITY AXIS NEWS
