Business Reporter
CBZ Holdings, Zimbabwe’s largest financial institution, has announced a comprehensive restructuring exercise aimed at strengthening its market position and ensuring long-term sustainability. The move comes in response to the country’s recurrent economic pressures.
“As part of our broader efforts to strengthen our market position and ensure long-term sustainability in our dynamic market, CBZ Holdings is embarking on a restructuring exercise across its group of companies,” said Lawrence Nyazema, Group Chief Executive Officer.
The first phase of the restructuring will target senior executives, resulting in the departure of 13 top managers.
“The executives will go on garden leave starting 1 October 2024, with mutual termination of their contracts expected by 31 December 2024,” the company stated.
The restructuring aims to:
- Streamline operations
- Manage costs effectively
- Sharpen strategic focus
- Improve business processes
- Adapt to changing market needs
“We are committed to continually improving our business processes and adapting to the changing needs of the market to ensure continued growth and success,” Nyazema emphasized.
The move is seen as a response to Zimbabwe’s challenging economic environment, characterized by:
- Currency fluctuations
- Policy inconsistencies
- Declining confidence in the banking sector
- Reduced bankers’ income
By restructuring, CBZ Holdings seeks to better serve its clients and stakeholders, ensuring long-term sustainability.
Key Statistics:
- 13 senior executives to be laid off
- Restructuring affects all companies under CBZ Holdings
- Zimbabwe’s largest financial institution by assets and deposits
- Listed on the Zimbabwe Stock Exchange
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