Allied Bank Zimbabwe Limited
{{About||Allied Bank, the Philippines|Allied Banking Corporation|Allied Bank, Pakistan|Allied Bank Limited}}
{{Use dmy dates|date=November 2020}}
{{Infobox company
| name = Allied Bank Zimbabwe Limited
| logo =
| type = Private
| foundation = {{start date |2005}}
| defunct = {{end date |df=yes|2015 |1|8}}
| location_city = Harare
| location_country = Zimbabwe
| key_people = Florence Gowora (Chief Executive Officer)
| num_employees = 304
| num_employees_year = 2011
| assets = US$40 million (H1:2012)
| revenue =
| industry = Financial services
| products = Loans, Transaction accounts, Savings, Investments, Debit Cards
| homepage = {{url |http://www.zabg.co.zw/ }}
}}
Allied Bank, was a commercial bank in Zimbabwe that closed in 2015.[http://www.rbz.co.zw/publications/banksurveillance.asp List of Licensed Commercial Banks In Zimbabwe] {{webarchive|url=https://web.archive.org/web/20120417051147/http://www.rbz.co.zw/publications/banksurveillance.asp |date=2012-04-17 }} The bank regulator cancelled its license on 8 January 2015 after determining that the bank was "no longer in a safe and sound condition, grossly undercapitalised and facing chronic liquidity challenges"{{cite news |url=http://www.herald.co.zw/rbz-cancels-allied-bank-licence/ |title=RBZ cancels Allied Bank licence |date=9 January 2015 |work=The Herald}}
The bank was a small financial services provider in Zimbabwe, serving large corporations, small-to-medium enterprises (SMEs), as well as individuals. {{asof|June 2012}}, its total asset valuation was quoted at US$40 million. At that time its shareholder's equity was estimated at US$18 million.{{Cite news|url=http://allafrica.com/stories/201208240947.html|title=Zimbabwe: ZABG Asset Base Grows to U.S.$40 Million|last=Bhebhe|first=Nqobile|date=2012-08-24|work=Zimbabwe Independent (Harare)|access-date=2017-09-06}}
History
Allied Bank was established in 2005 as Zimbabwe Allied Banking Group (ZABG). At that time, the assets and some of the liabilities of Barbican Bank Limited, Trust Banking Corporation and Royal Bank Zimbabwe were merged to form ZABG. The three banks were in financial distress at the time. In September 2010, the RBZ reversed itself and re-issued the commercial banking licenses of the three banks that had been closed. ZABG also retained its banking license.
In February 2013, ZABG rebranded to the Allied Bank name.{{Cite web|url=http://bulawayo24.com/index-id-business-sc-companies-byo-25998.html|title=Obert Mpofu's ZABG rebrands to Allied Bank|last=eDuzeNet|website=Bulawayo24 News|language=en-GB|access-date=2017-09-06}}{{cite web |url=http://allafrica.com/stories/201302080363.html |title=ZABG Rebrands To Allied Bank}}
In January 2015 the bank had its licence cancelled by the Reserve Bank of Zimbabwe after it was found to be in an unsafe financial position.{{cite news |url=http://www.herald.co.zw/allied-bank-rot-exposed/ |title=Allied Bank rot exposed |date=18 July 2017 |work=The Herald}}
Ownership
Prior to its closure the shares of stock of Allied Bank were privately held by Allied Fund of Mauritius (75%) and Trebor & Khays of Zimbabwe (25%){{Cite news|url=http://allafrica.com/stories/201404040893.html?viewall=1|title=Zimbabwe: Allied Boss Steps Down|last=Muronzi|first=Chris|date=2014-04-04|work=Zimbabwe Independent (Harare)|access-date=2017-09-06}}
Branch Network
{{asof|October 2013}}, ZABG maintained its headquarters on the 8th Floor, ZB Life Towers, Sam Nujoma Street at Jason Moyo Avenue, in Harare, Zimbabwe's capital and largest city. {{asof|December 2011}}, the bank had maintained 22 networked branches in all parts of the country.[http://www.zabg.co.zw/index.php?option=com_content&view=article&id=111&Itemid=38 Branches of ZABG]{{Dead link|date=October 2018 |bot=InternetArchiveBot |fix-attempted=yes }} At the time, the bank's customers exceeded 50,000.{{Cite news|url=http://allafrica.com/stories/201206151339.html|title=Zimbabwe: ZABG Gets U.S.$22 Million Injection|last=Sibanda|first=Golden|date=2012-06-15|work=The Herald (Harare)|access-date=2017-09-06}}
See also
References
{{Reflist}}
External links
- [https://web.archive.org/web/20050731075607/http://www.rbz.co.zw/ Website of Bank of Zimbabwe]
- [http://allafrica.com/stories/201204140086.html Trebor & Khays Is Owned By A Zimbabwe Cabinet Minister]
- [http://nehandaradio.com/2012/03/05/mines-minister-obert-mpofu-buying-bank/ Mines minister Obert Mpofu buying bank]
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