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Monica Beek
Media Spokesperson
T: +31 70 314 9130
M.Beek@fmo.nl
Harare, 11-04-2013 – During a ceremony held at NMB head office in Harare, FMO (the Netherlands Development Finance Company) and AfricInvest (a pan-African investment group) signed agreements, each for the purchase of 8.99% of NMBZ’s shares. This issuance of new shares is meant to help NMB Bank strengthen its capital base, supporting the growth of the bank and helping it to comply with recently-increased minimum capital criteria. The investment is part of a total package of capital injections that also includes Norfund (the Norwegian development institution). In addition to their financial contribution, the investors plan to contribute to the the bank’s development by nominating top-level experienced board members and by providing technical assistance in areas requiring further strengthening.
The signing ceremony was well attended by the Ambassador of the Netherlands to Zimbabwe, Mrs. H.M.B. Joziasse, NMB and NMBZ top management and directors, representatives of FMO and AfricInvest, and representatives of the local press. The Ambassador’s attendance underscored the importance of the ties between the Netherlands and Zimbabwe, both in terms of business and development cooperation.
Speaking at the ceremony on behalf of FMO, Decio Tractenberg (Senior Investment Officer) commented: “For FMO, this equity investment cements a relationship with NMB Bank that has been developing over the last three years. An equity participation is the logical next step after concluding a loan term financing facility in 2011 and providing a trade finance facility earlier this year. With a unique combination of excellent management, strong local roots and world class international shareholders, NMB is well-positioned to become one of the top banks in Zimbabwe.”
James Mushore, Group Chief Executive Officer of NMBZ stated: “We are delighted that we have been able to attract investors of this calibre to become shareholders in NMB. This investment speaks volumes of the trajectory that NMB is now pursuing – an enhanced shareholder profile, robust Risk and Corporate Governance systems and a strong management team to propel NMB into the top tier of banks in Zimbabwe.”
Ziad Oueslati, Founding Director of AfricInvest said, “I was first in Zimbabwe four years ago and have been impressed by the progress made by the country since then. Africinvest has a history of supporting sustainable development of African businesses since 1994. We are proud to become a shareholder and a partner to NMB and to contribute with all stakeholders in building it into one of the best-run banks in terms of service offering in the region and increasing its outreach to local SMEs.”
About FMO
FMO (the Netherlands Development Finance Company) is the Dutch development bank. FMO supports sustainable private sector growth in developing and emerging markets by investing in ambitious entrepreneurs. FMO believes a strong private sector leads to economic and social development, empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With an investment portfolio of EUR 6.3 billion, FMO is one of the largest European bilateral private sector development banks.
About AfricInvest
AfricInvest is today one of the leading private equity firms in North and sub-Saharan Africa with over USD 750 million of assets under management across 13 private equity funds sponsored by prestigious development finance institutions (DFIs), private and institutional investors. The covered and targeted region evolved over the life of the group from Tunisia to the Maghreb region (Maghreb Private Equity Funds I, II and III) and subsequently, sub-Saharan Africa (Africinvest Funds I & II and the Africinvest Financial Sector Fund). The Group has an excellent track record with over 100 investments made across several sectors and almost 50 exits realized to date. www.africinvest.com.
About NMBZ
NMBZ is a Zimbabwean based investment holding company whose principal subsidiary is
NMB Bank Limited, a registered commercial bank. The Group has dual listing on the Zimbabwean Stock Exchange and the London Stock Exchange. NMB Bank Limited was established in October 1992. The Bank is led by a strong management team supported by a highly qualified board of directors with diversified skills base.