Cavmont Bank

Overview

CBL provides an array of banking services including in the areas of community banking, retail banking, investment,and corporate banking. As of June 2016, the bank was a retail bank with total assets valued at K946.8 million, with a total equity of K118.1 million. The bank employs a total of 245 professionals as of Q2 - 2016.

History

Cavmont Bank Ltd (CBL) is a Registered Commercial bank in Zambia with more than 50,000 clients and 247 employees. The Bank was established on 1 January 2004, following a merger between Cavmont Merchant Bank Ltd, (inc. October 1992), and New Capital Bank Plc., (inc. June 1992). In 2006 the Bank's holding company, Cavmont Capital Holdings Zambia Plc (CCHZ), sought a strategic investment partner and identified Capricorn Investment Holdings Limited (CIH). CIH acquired a 44.2% shareholding in CCHZ in 2007.

Discussions held with the Bank of Zambia to find an acceptable manner to recapitalize Cavmont Bank through a rights issue by CCHZ were concluded successfully, with CIH underwriting the rights issue. Consequently, CCHZ raised additional share capital of more than K15.4 billion in 2007 and the repositioning of Cavmont Bank commenced.

Cavmont Bank Limited shareholders support a capital plan for a local bank. Cavmont Bank is a fully capitalised Zambian financial services institution with 19 branches nationwide and over 22 years of banking experience, whose shareholders fully support its capital plan.

The Bank of Zambia revised capitalisation requirements for local Banks and foreign Banks and it is in light of this that the holding company has warehoused 51% shares in Makumbi Investments Limited a special purpose vehicle earmarked for forward offer to local investors. As of 31 December 2013, the Bank has met the equity shareholding and capital requirements for local banks.

Ownership

CBL is a 100% subsidiary of Cavmont Capital Holdings Zambia Plc. (CCHZ). The investors in CCHZ, and therefore in CBL, include Capricorn Investment Holdings (CIH), a financial conglomerate with investment interests in three Southern African countries: Botswana, Namibia and Zambia. CIH owns controlling interests in Bank Gaborone in Botswana and Bank Windhoek in Namibia, in addition to its minority shareholding in Cavmont Capital Holdings Zambia Plc. The stock of the holding company, CCHZ, is Listed on the Lusaka Stock Exchange (LuSE), where it trades under the symbol: CCHZ. The shareholding in CCHZ and therefore in CBL is depicted in the table below:

Branch Network

As of January 2014, Cavmont Bank maintains a network of eighteen branches at the following locations:

1. Head Office - 2374 Piziya Office Park, Thabo Mbeki Road, Lusaka
2. Garden Branch - 39 Katima Mulilo Road, Lusaka
3. Lusaka Square Branch - Anchor House, Sapele Road, Lusaka
4. Kalingalinga Branch - B4/29/146 Kamloops Road, Lusaka
5. Tazara House Branch - Ground Floor, Tazara House, Independence Avenue At Dedan Kimathi Street, Lusaka
6. Makumbi Commercial Branch - Piziya Office Park, Thabo Mbeki Road, Lusaka

1. Chipata Branch - 4769 Lunkwakwa Road, Chipata
2. Mansa Branch - 335 President Road at Chitimukulu Road, Mansa
3. Mwense Branch - Office Number 5, Community Development Block, Mwense

1. Kasama Branch - Shoprite Centre, Independence Road, Kasama
2. Mbala Branch - Independence Avenue, P.O. Box 420138 Mbala
3. Mpulungu Branch - Harbour Road, Mpulungu

1. Ndola Branch - Shop Number 7, 93 Z-Mart Mall, President Avenue, Ndola
2. Kitwe Branch - 33 Ebenezer Center, Kitwe
3. Kitwe Agency - 1306 Chibuluma Road, Industrial Area, Kitwe
4. Chingola Branch - ZRA Building, 11 Kitwe Road, Chingola
5. Chililabombwe - 151 Buntungwa Road, Industrial Area, Chililabombwe

1. Solwezi Branch - Chingola-Solwezi Road, Solwezi
2. Mufumbwe Branch - 1 Mutanda-Chavuma Road, Mufumbwe

The Capricorn Group

Cavmont Bank is a member of the Capricorn Group of Companies under the umbrella of the parent company Capricorn Investment Holdings, a Namibia-based investment conglomerate. The Group has investment interests in southern Africa, as outlined in the graphic below:

Governance

There are six members on the Board of Directors of Cavmont Bank:

1. Guy D.Z. Phiri - Chairman
2. Thinus Prinsool - Vice Chairman
3. Chitupa Muzariri - Director
4. Johan Swanepoel - Director
5. Joseph Ngosa - Director
6. Charles H de B Carey - Managing Director