Industry Financial Services Founded 2005 Number of employees 304 (2011) Total assets 40 million USD (H1:2012) | Website Homepage Headquarters Harare Type of business Private | |
Key people Florence Gowora
Chief Executive Officer Products Loans, Checking, Savings, Investments, Debit Cards | ||
Allied Bank Zimbabwe Limited, commonly known simply as Allied Bank, is a commercial bank in Zimbabwe. It is one of the commercial banks in the country, licensed by the Reserve Bank of Zimbabwe, the national banking regulator. The bank handed over its license to the regulator who subsequently cancelled it 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" (http://www.herald.co.zw/rbz-cancels-allied-bank-licence/)
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Overview
The bank is a small financial services provider in Zimbabwe, serving large corporations, small-to-medium enterprises (SMEs), as well as individuals. As of 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.
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 its current name.
Ownership
The shares of stock of Allied Bank are privately held by corporate entities, as illustrated in the table below:
Branch Network
As of October 2013, ZABG maintains its headquarters on the 8th Floor, ZB Life Towers, Sam Nujoma Street at Jason Moyo Avenue, in Harare, Zimbabwe's capital and largest city. As of December 2011, the bank maintained 22 networked branches in all parts of the country. At the time, the bank's customers exceeded 50,000.
Governance
The Managing Director of the bank is Florence Gowora.