Metbank Explained

Metbank
Type:	Private
Location:	Harare, Zimbabwe
Key People:	Darlick E. Marandure (Chairman) Belmont Ndebele (Managing Director)
Num Employees:	251 (2018)
Revenue:	US$660,288 (2016)
Assets:	US$200.7 million (2016)
Industry:	Financial services

Metbank, formerly known as Metropolitan Bank of Zimbabwe, is a commercial bank in Zimbabwe. It is licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator.^[1]

Location

The headquarters and main branch of Metbank are located in Metropolitan House, at 3 Central Avenue, in Harare the capital and largest city of Zimbabwe.^[2] The geographical coordinates of the bank's headquarters are: 17°49'31.0"S, 31°03'02.0"E (Latitude:-17.825278; Longitude:31.050556).

Overview

Metbank serves large corporations, small to medium enterprises (SMEs), as well as individuals. The bank partners with MasterCard to issue debit and credit cards., Metbank was a medium-sized financial services provider, with an asset base of US$200.7 million, with shareholders' equity of US$55.9 million.^[3]

Metbank Limited has been involved with the introduction of digital banking, branchless banking, and internet banking and agency banking, while keeping the number of brick-and-mortar branches low. As of February 2018, Metbank had a network of banking agents numbering over 150, both inside and outside Zimbabwe. Many of these agents are women and youth, who otherwise would be unemployed.^[4]

Ownership

According to the website of the Reserve Bank of Zimbabwe, the major shareholders in the stock of the bank include the following:^[2]

Rank !! Shareholder !!Percentage Ownership

1	Loita Finance Holdings Limited	60.00
2	Blisford Investments Private Limited	10.00
3	Crudge Investments Private Limited	10.00
4	Metropolitan Bank Trust	7.20
5	Rhinemead Investments Private Limited	6.40
6	Knopfler Investments Private Limited	2.80
7	Equestrian Trading Private Limited	2.80
8	CAI Pension Fund	0.80
	Total		100.00

Branch network

, Metbank maintains a network of branches at the following locations:^[5]

1. Main Branch: Metropolitan House, 3 Central Avenue, Harare
2. Bulawayo Branch: Meikles Building, Corner Jason Moyo/ Leopold Takawira Bulawayo
3. Gweru Branch: Shop No. 1 & 2 Bahadaur Centre, Main Street, Gweru
4. Mutare Branch: Shop 1, Zimre Centre, Corner of Herbert Chitepo Street and 5th Street, Mutare

Governance

The chairperson of the bank's board of directors is Dr. Linda Chipunza, a non-executive director. The managing director is Belmont Ndebele.^[6]

See also

• List of banks in Zimbabwe
• Reserve Bank of Zimbabwe
• Economy of Zimbabwe

External links

• Homepage of Metbank
• Website of Reserve Bank of Zimbabwe

Notes and References

1. Web site: Harare . List of Registered Banking Institutions . 15 May 2018 . . 15 May 2018 . Reserve Bank of Zimbabwe.
2. Web site: Profile of Metbank Limited . . Harare . Reserve Bank of Zimbabwe . 15 May 2018 . 15 May 2018.
3. Web site: 3 April 2017 . Metbank Zimbabwe profit doubles . 15 May 2018 . Zimbabwe Insider . Charles Rukuni . Harare.
4. Web site: Bulawayo . Metbank 'branchless' banking sets new tone for innovative banking . 15 May 2018 . 1 February 2018 . Tapiwa . Vhurundiya . Bulawayo24.com.
5. Web site: 15 May 2018. The Branch Network of Metbank Limited . 15 May 2018 . Metbank Limited . Metbank Limited . Harare.
6. Web site: 15 January 2022. Board of Directors. Metbank.