CFX Bank
Encyclopedia
CFX Bank, whose full name is CFX Bank Limited, a commercial bank
in Zimbabwe
. It is one of seventeen licensed commercial banks in the country.
. The bank has two (2) affiliated companies: (a) CFX Asset Management and (b) CFX Merchant Bank, both of which are also 100% owned by the holding company. In 2009, as a result of changes in Zimbabwean banking laws, Interfin Holdings Limited, acquired a controlling interest in CFX Financial Services. Subsequently, the holding company was re-named Interfin Financial Services Limited, to reflect the new ownership. The trading symbol for the new bank holding company is: INTERFIN. The Government of Zimbabwe has given formal approval of the takeover of CFX Bank by Interfin. The Reserve Bank of Zimbabwe
has also signaled its approval of the merger of the two institutions.
of its holding company, Interfin Financial Services Limited are listed on the Zimbabwe Stock Exchange
, where they trade under the symbol: INTERFIN. An ownership dispute exists, with the former director of ENG Capital Group claiming that assets were illegally acquired by CFX Bank
The five largest shareholders of record in INTERFIN and thus CFX Bank are:
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Zimbabwe
Zimbabwe
Zimbabwe is a landlocked country located in the southern part of the African continent, between the Zambezi and Limpopo rivers. It is bordered by South Africa to the south, Botswana to the southwest, Zambia and a tip of Namibia to the northwest and Mozambique to the east. Zimbabwe has three...
. It is one of seventeen licensed commercial banks in the country.
History
The bank was founded in 2006, as a 100% subsidiary of CFX Financial Services Limited, its holding company, whose shares trade on the Zimbabwe Stock ExchangeZimbabwe Stock Exchange
The Zimbabwe Stock Exchange, or ZSE, is the official stock exchange of Zimbabwe. It has been open to foreign investment since 1993. The exchange has about a dozen members and over 65 listed securities...
. The bank has two (2) affiliated companies: (a) CFX Asset Management and (b) CFX Merchant Bank, both of which are also 100% owned by the holding company. In 2009, as a result of changes in Zimbabwean banking laws, Interfin Holdings Limited, acquired a controlling interest in CFX Financial Services. Subsequently, the holding company was re-named Interfin Financial Services Limited, to reflect the new ownership. The trading symbol for the new bank holding company is: INTERFIN. The Government of Zimbabwe has given formal approval of the takeover of CFX Bank by Interfin. The Reserve Bank of Zimbabwe
Reserve Bank of Zimbabwe
The Reserve Bank of Zimbabwe is the central bank of Zimbabwe.-History:The bank traces its history to the Bank of Rhodesia and Nyasaland, founded in March 1956, which in turn was the successor to the Central Currency Board....
has also signaled its approval of the merger of the two institutions.
Ownership
CFX Bank is a publicly traded company. The shares of stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
of its holding company, Interfin Financial Services Limited are listed on the Zimbabwe Stock Exchange
Zimbabwe Stock Exchange
The Zimbabwe Stock Exchange, or ZSE, is the official stock exchange of Zimbabwe. It has been open to foreign investment since 1993. The exchange has about a dozen members and over 65 listed securities...
, where they trade under the symbol: INTERFIN. An ownership dispute exists, with the former director of ENG Capital Group claiming that assets were illegally acquired by CFX Bank
The five largest shareholders of record in INTERFIN and thus CFX Bank are:
| Rank | Name of owner | Percentage ownership |
|---|---|---|
| 1 | Interfin Holdings Limited | 32.41 |
| 2 | Savanna Tobacco Limited | 19.10 |
| 3 | National Social Security Authority of Zimbabwe Zimbabwe Zimbabwe is a landlocked country located in the southern part of the African continent, between the Zambezi and Limpopo rivers. It is bordered by South Africa to the south, Botswana to the southwest, Zambia and a tip of Namibia to the northwest and Mozambique to the east. Zimbabwe has three... |
17.31 |
| 4 | Msasa Nominees (Pty) Limited | 06.00 |
| 5 | AFS | 04.99 |
| 6 | Others | 20.19 |
| Total | 100.00 | |
See also
- List of banks in Zimbabwe
- Reserve Bank of ZimbabweReserve Bank of ZimbabweThe Reserve Bank of Zimbabwe is the central bank of Zimbabwe.-History:The bank traces its history to the Bank of Rhodesia and Nyasaland, founded in March 1956, which in turn was the successor to the Central Currency Board....
- Zimbabwe Stock ExchangeZimbabwe Stock ExchangeThe Zimbabwe Stock Exchange, or ZSE, is the official stock exchange of Zimbabwe. It has been open to foreign investment since 1993. The exchange has about a dozen members and over 65 listed securities...
- Economy of ZimbabweEconomy of ZimbabweThe economy of Zimbabwe has shrunk significantly after 2000, resulting in a desperate situation for the country and widespread poverty from among others 94% unemployment. The participation from 1998 to 2002 in the war in the Democratic Republic of the Congo set the stage for this deterioration by...