FBC Bank
{{Short description|Commercial bank in Zimbabwe}}
{{Use dmy dates|date=November 2019}}
{{Infobox company
| name = FBC Bank Limited
| logo = Fbc.webp
| alt = FBC Bank Logo
| type = Public
| traded_as = ZSE:FBC.ZW
| foundation = {{start date and age |1997|August}}
| key_people = Morgan Nzwere
Chairman
Webster Rusere
Managing Director
| num_employees = 519 (2022)
| revenue = {{profit}}ZWG$1.63b(2024)
| industry = Financial services
| products = Banking, Insurance, Investments, Mortgages
| homepage = {{URL |http://www.fbc.co.zw/ }}
}}
FBC Bank, whose full name is FBC Bank Limited, is a commercial bank in Zimbabwe. It is licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator.{{cite web |location=Harare |url=http://www.rbz.co.zw/banking-institutions.html | title=List of Registered Banking Institutions |access-date=14 May 2018 | publisher=Reserve Bank of Zimbabwe |author=Reserve Bank of Zimbabwe | date=14 May 2018}}
Location
The main branch and headquarters of the bank are located on the 6th Floor of the FBC Centre, at 45 Nelson Mandela Avenue, in Harare, the capital and largest city of Zimbabwe.{{cite web| url=http://www.rbz.co.zw/fbc-bank.html |title=Profile of FBC Bank Limited | publisher=Reserve Bank of Zimbabwe |author=Reserve Bank of Zimbabwe |
location=Harare |access-date=14 May 2018 |date=14 May 2018}} The geographical coordinates of this bank's headquarters are: 17°49'46.7"S,
31°02'46.7"E (Latitude:-17.829639; Longitude:31.046306).{{google maps|title=Location of the Headquarters of FBC Bank Limited | url=https://www.google.com/maps/place/17%C2%B049'46.7%22S+31%C2%B002'46.7%22E/@-17.8296558,31.0456887,117m/data=!3m1!1e3!4m5!3m4!1s0x0:0x0!8m2!3d-17.8296389!4d31.0463056 |accessdate=4 May 2018}}
Overview
{{as of|December 2017}}, FBC Bank was a medium-sized banking institution, whose total asset valuation was US$558.1 million, and shareholder's equity of US$77.9 million.{{cite web|access-date=14 May 2018 | url=https://www.fbc.co.zw/sites/default/files/PRESS%20FINANCIALS%20FBC%20HOLDINGS_1.pdf |title=FBC Holdings Limited: Audited Financial Results For The Year Ended 31 December 2017 |publisher=FBC Holdings Limited |author=FBC Holdings |location=Harare |date=28 March 2018}} The bank is very active in the digital and mobile banking arena. This has become very pertinent in the current environment, where the country has adopted a multi-currency system; using the South African Rand, the US dollar, Euro and others.{{cite web|url=https://www.gigabitmagazine.com/company/how-fbc-bank-disrupting-zimbabwean-banking-sector-technological-ingenuity# |title=How FBC Bank is disrupting the Zimbabwean banking sector with technological ingenuity
|first=Laura |last=Mullan |magazine=Gigabit Magazine |location=San Diego}}
FBC Bank is a 100% subsidiary of First Banking Corporation Holdings Limited, commonly known as FBC Holdings Limited, a publicly traded financial services company whose shares are listed on the Zimbabwe Stock Exchange, under the symbol: FBCH. The holding company owns subsidiaries, as depicted in the table below:
class="wikitable sortable" style="margin: 0.5em auto"
|+ FBC Holdings Limited Subsidiaries ! Rank !!Name of Subsidiary!! Asset Value!!Core Capital!! Notes | ||||
1 | FBC Bank Limited | US$558.1 million | US$75.2 million | Commercial Bank |
2 | FBC Building Society | US$129.9 million | US$47.4 million | Building Society |
3 | Microplan Financial Services Limited | US$19.8 million | US$9.5 million | Microfinance Institution |
4 | FBC Securities Limited | Brokerage Services | ||
5 | FBC Reinsurance Limited | Reinsurance | ||
Total | US$712.4 million | US$144.2 million |
History
The bank was established as First Banking Corporation Limited, in 1997. In 2004, the bank was wholly acquired by FBC Holdings Limited, a diversified financial services conglomerate involved in banking, insurance, brokerage, advisory and asset management. Following the acquisition, the bank rebranded to FBC Bank Limited.
Ownership structure
The bank is a 100 percent subsidiary of FBC Holdings Limited. The investors in FBC Holdings were as listed in the table below, as of 31 December 2016.{{cite web|access-date=15 May 2018 |date=7 June 2017 | url=https://www.fbc.co.zw/sites/default/files/FBC%20ANNUAL%20REPORT%202016.pdf|publisher=FBC Holdings Limited |author=FBC Holdings | location=Harare |title=FBC Holdings Limited: Annual Report for the Year Ended 31 December 2016}}
class="wikitable sortable" style="margin-left:auto;margin-right:auto"
|+ Shareholding in FBC Holdings Limited ! style="width:2em;" | Rank !! Shareholder !!Percentage Ownership | ||
1 | National Pension Scheme of Zimbabwe | 35.13 |
2 | Shorecap II Limited–NNR | 7.31 |
3 | Stanbic Nominees–NNR | 5.21 |
4 | Tirent Investments Private Limited | 4.73 |
5 | Cashgrant Investments Private Limited | 4.11 |
6 | Local Authorities Pension Fund | 3.32 |
7 | Stanbic Nominees Private Limited | 3.24 |
8 | FBC Holdings Limited | 3.17 |
9 | SCB Nominees | 1.75 |
10 | Vidryl International Private Limited | 1.70 |
11 | Others | 30.33 |
| Total | 100.00 |
Branch network
FBC Bank maintains branches at the following locations:
- Head Office - 45 Nelson Mandela Avenue, Harare
- Samora Machel Avenue Branch - 76 Samora Machel Avenue, Harare
- Nelson Mandela Avenue Branch - 34 Nelson Mandela Avenue, Belvedere, Harare
- Msasa Branch - 104 Mutare Road, Msasa Industrial Area, Harare{{cite web| url=https://africabusinesscommunities.com/news/fbc-bank-opens-msasa-branch-another-milestone/ |title=FBC Bank opens Msasa Branch – Another Milestone | access-date=14 May 2018 |date=8 September 2010 | author=Administrator |publisher=Africa Business Communities Quoting Africa Banking Network |location=Harare}}
- FBC Private Bank Branch - 2 Lanark Road, Belgravia, Harare
- Southerton Branch - 11 Highfields Junction Shops, Southerton, Harare
- Bulawayo Branch - 108 Jason Moyo Avenue, Bulawayo
- International Airport Branch - Harare International Airport
- Mutare Branch - 50B Herbert Chitepo Street, Mutare
- Zvishavane Branch - Robert Mugabe Way, Zvishavane
- Kwekwe Branch - Robert Mugabe Way, Kwekwe
- Beitbridge Branch - NSSA Complex, Beitbridge
- Chitungwiza Branch - 197 Tilcor Township, Seke, Chitungwiza
- Victoria Falls Branch - Shops 4&5 Galleria Complex, Victoria Falls
- Bulawayo Private Bank Branch - 2nd Floor, FBC House, 108 Jason Moyo Avenue, Bulawayo
- Graniteside Branch - 1 Crawford Graniteside Off Seke Road Harare
See also
References
{{Reflist}}
External links
- [https://www.fbc.co.zw/banking/ Website of FBC Bank Limited]
- [https://www.newsday.co.zw/2015/09/fbc-bank-opens-sme-departments/ FBC Bank opens SME Departments]
- [https://www.gigabitmagazine.com/company/how-fbc-bank-disrupting-zimbabwean-banking-sector-technological-ingenuity# How FBC bank is disrupting the Zimbabwean banking sector with technological ingenuity] As of 5 April 2018.
Category:Banks established in 1997
Category:Companies based in Harare