Agricultural Development Bank of Zimbabwe explained

Agricultural Development Bank of Zimbabwe
Type:Parastatal
Industry:Financial services
Location City:Harare
Key People:Joel Mutizwa (Chairman), Francis Macheka (Group Chief Executive Officer)[1]
Products:Loans, Savings, Transaction accounts, Investments, Debit Cards, Credit Cards, Mortgages
Revenue:Aftertax:US$286,409 (2011)
Assets:US$102.8 million (2011)
Num Employees:1,000+
Num Employees Year:2012
Location Country:Zimbabwe

Agricultural Development Bank of Zimbabwe (ADBZ), also referred to as Agricultural Bank of Zimbabwe, but is commonly known as Agribank, is a commercial bank in Zimbabwe. It is one of the commercial banks licensed by the Reserve Bank of Zimbabwe, the national banking regulator.[2]

Agribank is middle-tier financial services provider that provides commercial, retail, corporate, and international banking services in Zimbabwe. It offers agricultural loans, in addition to other retail, advisory, treasury and investment services, including foreign currency and money transfer services. As of December 2011, the valuation of the bank's total assets was reported to be US$102.8 million, with shareholders' equity of US$15.1 million.[3]

In 2021, Agribank rebranded to Agricultural Finance Company (AFC) [4]

History

Agricultural Development Bank of Zimbabwe was established as a commercial bank in 1999, according to the website of the Reserve Bank of Zimbabwe. Before that it was known as Agricultural Finance Corporation, which was formerly known as Land and Agricultural Bank, an institution that was established in 1925. In 2003, Agribank transformed into an agricultural development bank, with emphasis on making agricultural loans, but it kept its commercial bank license and function.[5]

Ownership

Agribank is 100% owned by the Government of Zimbabwe. The table below outlines the shareholding in the bank between the various government ministries:

Agribank Zimbabwe Stock Ownership
Rank Name of OwnerPercentage Ownership
1Zimbabwe Ministry of Finance50.00
2Zimbabwe Ministry of Agriculture50.00
Total100.00

Branches

The bank maintains its headquarters at Hurudza House, 14-16 Nelson Mandela Avenue, in Harare, Zimbabwe's capital. It also has 47 networked branches in all provinces of the country.[6]

See also

Notes and References

  1. News: Zimbabwe: Agribank Turns the Corner. Sibanda. Golden. 2012-02-01. The Herald (Harare). 2017-09-06.
  2. http://www.rbz.co.zw/publications/banksurveillance.asp Licensed Commercial Banks In Zimbabwe
  3. News: Zimbabwe: Agribank Seeks U.S $30 Million. Sherekete. Reginald. 2012-04-20. Zimbabwe Independent (Harare). 2017-09-06.
  4. https://www.pindula.co.zw/2021/04/30/president-mnangagwa-launches-afc-holdings-formerly-agribank
  5. http://www.rbz.co.zw/operations/agribank.asp History of Agribank Zimbabwe
  6. http://www.rbz.co.zw/operations/agribank.asp Branch Network of 24 Offices