Contents GROUP... · 2019-03-20 · Impala Seeds Building 69B 6th Street P.O. Box 1345, Gweru Telephone: 263-054-226189 263-054-223586 Fax: 263-054-226189 Bulawayo Branch FBC House

3 General Information6 Message From The Group Chief Executive7 Our Corporate Philosophy7 FBC Holdings Core Values8 Pillars of Strength9 Our Promise to our Stakeholders9 Our Journey10 Our Current Operations15 The FBC Footprint16 The Group at a glance: An integrated business model17 Our Comprehensive Governance Structure18 FBC Holdings Board of Directors19 Members of the Group Executive Committee22 Board Committees23 Our Summarised Group Financial Performance24 Shareholding Information

Contents

About This ProfileThis Group Corporate Profile can be viewed and downloaded atwww.fbc.co.zw

G R O U P C O R P O R A T E P R O F I L E 2 0 1 9

General InformationFBC Holdings LimitedRegistered Office6th Floor FBC Centre45 Nelson Mandela AvenueP.O. Box 1227, HarareZimbabweTelephone: 263-024-700312/797770 263-024-708071/2Telex: 24512 FIRSTB ZWSwift: FBCPZWHAFax: 263-024-700761E-mail: [email protected]: http://www.fbc.co.zw

Transfer SecretariesFirst Transfer Secretaries (Private) Limited1 Armagh Avenue, EastleaP.O. Box 11 HarareTelephone: 263-024-782869Mobile: 263 772146157/8

Independent AuditorDeloitte & ToucheWest Block, Borrowdale Office ParkBorrowdale Road, HarareP.O. Box 267, HarareTelephone: 263-024-852120-22 263-024-852124-29Fax: 263-024-852130

AttorneysDube Manikai & Hwacha Legal Practi-tionersEastgate Building6th Floor, Goldbridge, SouthwingCorner Sam Nujoma Street and Robert Mugabe RoadP.O. Box CR 36, Cranborne, HarareTelephone: 263-024-780351/2Costa & Madzonga Legal Practitioners10 York Avenue, NewlandsP.O. Box CY1221, Causeway, HarareTelephone: 263-08644133638/9

FBC Bank LimitedBelgravia Private Banking BranchNo. 2 Lanark Road, BelgraviaP.O. Box A852, Avondale, HarareTelephone: 263-024-251975 263-024-251976Fax: 263-024-253556

Chinhoyi BranchStand 5309 Magamba WayP.O. Box 1220, ChinhoyiTelephone: 263-067-24086Fax: 263-067-26162

Bulawayo Avenue BranchAsbestos HouseJason Moyo AvenueP.O. Box 2910, BulawayoTelephone: 263-029-76079 263-029-76371Fax: 263-029-67536

Masvingo BranchFBC House179 Robertson Street, MasvingoTelephone: 263-039-264118-9 263-039-264415-6 263-039-262671Fax: 263-039-262912

Gweru Branch71 Sixth StreetP.O. Box 1833, GweruTelephone: 263-054-26491 263-054-26493 263-054-26497Fax: 263-054-26498

FBC Centre Branch45 Nelson Mandela AvenueP.O. Box 1227, HarareTelephone: 263-024-700312 263-024-797761-6Fax: 263-024-7008071/2

Kwekwe Branch44a/b Robert Mugabe WayP.O. Box 1963, KwekweTelephone: 263-055-24116 263-055-24160Fax: 263-055-24208

Mutare Branch101 A Herbert Chitepo AvenueP.O. Box 2797, MutareTelephone: 263-020-62586 263-020-62114Fax: 263-020-60543

Nelson Mandela Avenue BranchNelson Mandela AvenueP.O. Box BE 818, Belvedere, HarareTelephone: 263-024-750946 263-024-753608Fax: 263-024-775395

Southerton Branch11 Highfield Junction ShopP.O. Box St495, Southerton, HarareTelephone: 263-024-759712 263-024-759392Fax: 263-024-759567

Zvishavane Branch98 Robert Mugabe WayP.O. Box 91, ZvishavaneTelephone: 263-039-2176 263-039-2177Fax: 263-039-3327

Chitungwiza BranchNo 197 Tilcor Township, SekeChitungwizaTelephone: 263-024-30212 263-024-31016

Samora Machel Avenue BranchOld Reserve Bank Building76 Samora Machel AvenueP.O. Box GD 450, Greendale, HarareTelephone: 263-024-700372 263-024-700044Fax: 263-024-793799

Victoria Falls BranchShop 4 Galleria De FallsP.O. Box 225, Victoria FallsTelephone: 263-083-45995/6Fax: 263-083-5995/6

Msasa Branch104 Mutare RoadP.O. Box AY1 Amby, Msasa, HarareTelephone: 263-024-446806Fax: 263-024-446815

Beitbridge Branch1454 NSSA ComplexTelephone: 263-085-23196 263-085-23198

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F B C H o l d i n g s L i m i t e d

Bulawayo Private BranchAsbestos HarareJason Moyo AvenueP.O. Box 2910, BulawayoTelephone: 263-029-76079 263-029-76371 263-029-67536

Graniteside and SME BranchNumber 1 Crawford RoadGraniteside, HarareTelephone: 263-024-710326 263-024-710327 263-024-710328

Borrowdale BranchUnit 122-125, Sam Levy’s VillageBorrowdale, HarareTelephone: 263-024-850911 263-024-850912 263-024-850913

FBC Reinsurance LimitedHead Office4th Floor, FBC Centre45 N Mandela AvenueP.O. Box 4282, HarareTelephone: 263-024-772703/7Fax: 263-024-772701

Bulawayo Office1st Floor Asbestos HouseJason Moyo AvenueP.O. Box 2199, BulawayoTelephone: 263-029-888344Fax: 263-029-888560

FBC Insurance Company LimitedHead OfficeEagle House105 Jason Moyo Avenue, HarareTelephone: 263-024-708212Fax: 263-024-797135

Mutare BranchManica Chambers2nd Avenue Road, MutareTelephone: 263-020-65723Fax: 263-020-63079/65722

Bulawayo Branch1st Floor, Asbestos HouseCorner 11th and Jason Moyo Street, Bu-lawayoTelephone: 263-029-71791/4Fax: 263-029-76224

FBC Building SocietyLeopold Takawira BranchFBC House113 Leopold TakawiraP.O. Box 4041, HarareTelephone: 263-04-756811-6Fax: 263-04-772747

Gweru BranchImpala Seeds Building69B 6th StreetP.O. Box 1345, GweruTelephone: 263-054-226189 263-054-223586Fax: 263-054-226189

Bulawayo BranchFBC HouseCorner R. Mugabe Way and 11th AvenueBulawayoTelephone: 263-09-79504/68679 263-09-64547/69925/48Fax: 263-09-74069

FBC Centre Branch45 Nelson Mandela AvenueP.O. Box 4041, HarareTelephone: 263-04-707057Fax: 263-04-783440

Mutare BranchFBC House101 A Herbert Chitepo AvenueP.O. Box 1224, MutareTelephone: 263-020-65894 263-020-65897/8Fax: 263-020-66723

Masvingo BranchFBC House179 Robertson Street, MasvingoTelephone: 263-039-62671/821/912Fax: 263-039-65876

FBC Securities (Private) Limited2nd Floor, Old Reserve Bank Building76 Samora Machel Avenue, HarareTelephone: 263-04-797761-6 / 700373

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Microplan Financial Services (Private) LimitedHead Office4th Floor, FBC House113 Leopold Takawira, HarareTelephone: 263-04-772745/772729

Bulawayo Branch1st Floor, Asbestos HouseCorner 11th and Jason Moyo Street, BulawayoTelephone: 263-09-61650

Chiredzi Branch349 Chilonga Drive, ChiredziTelephone: 263 31 2752/2820Mobile: 263 731 772 750 / 263 772 527 147

Mutare Branch101 A Herbert Chitepo AvenueMutareTelephone: 263-020-65895 263-020-62949

Mutoko BranchShop Number 1 Stand 46/47 BJMall Oliver Newton RoadChinzanga Township, MutokoMobile: 263-065-2722859

Masvingo Branch1st Floor, FBC Centre179 Robertson Street, MasvingoMobile: 263-736462940Telephone: 263-039-262912

Gwanda BranchStand 623 Nkala ComplexSoudan Street, GwandaTelephone: 263-084-24296

Gweru BranchOffice Number 15, Moonlight Building,5th Street, GweruMobile: 263 732 772 745Landline: 263-054-224524

Bindura Branch846 Chenjerai Hunzvi Street, BinduraTelephone: 263-066-6581

Chinhoyi Office5308 Magamba Way, ChinhoyiLandlines: 263-067-21034Mobile: 263 73 177 2730 / 263 775 802 514

Lupane OfficeStand Number 12, LupaneCell: 263 731 772 731

Chipinge Office294A Ferreira Street, ChipingeCell: 263 731 772 732

Kadoma OfficeOffice No 5, Mtetwa Family Trust Complex6/7 Cilling StreetKadoma

Rusape OfficeStand 9 Robert Mugabe Avenue, RusapeTelephone: 263 731 772 734

Mt Darwin OfficeStand 206, Mount Darwin Township, Mt DarwinTelephone: 263 731 772 733 263 773 396 657

Hauna OfficeStand 107, Hauna Growth Point, MutasaTelephone: 263 731 772 735

Guruve OfficeStand 1409, Guruve Business Centre, GuruveTelephone: 263 731 772 736

HwangeShop Number 101D, 22-23 Coronation Drive, HwangeDirect: 263 731 772 747CELL: 263 778 942 055

Zvishavane OfficeOffice 14 Makairos Building, 97 R. G Mugabe Way, ZvishavanePhone: 263 774 381 574

Beitbridge BranchNSSA Complex, Beitbridge, ZimbabweDirect line: 263 286 22197 / 263 778 203 776 0713 492 811 / 0731 772 748

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Dear Reader

It is with great pleasure that I welcome you into these useful insights about FBC Holdings Limited. This company profile provides you with an overview of FBC Holdings Limited, sum-mary of our financial results as well as a description of our key businesses and their performance. Since inception in 1997, the Group has evolved and transformed itself to better serve its stakeholders while remaining relevant in its target markets. We have however remained unwavering in our dedication to service excellence, as well as our consciousness to the social and envi-ronmental factors around us and our communities.

By nurturing the best talents, deploying the latest technologies and adopting a destiny of becoming Africa’s trendsetters in fi-nancial and risk management, FBC Holdings Limited is on solid footing to continue delivering incomparable value to its stake-holders.

I would like to express my sincere gratitude to our various stake-

holders, including but not limited to, investors, strategic partners, clients and regulatory authorities for your unwavering support to FBC Holdings Limited. I am also grateful to the FBC Holdings Board of Directors, Management and staff for their guidance, contribution and support in the execution of our business strat-egy. In this vein, we promise our esteemed stakeholders that the Group will continue to deliver sustainable, innovative and mar-ket-leading products to the present and future generations.

Yours Sincerely

John MushayavanhuGroup Chief Executive

Message From The Group Chief Executive

PAGE 6 |


Our Corporate Philosophy

Destiny Cause Calling

To be Africa’s trendsetters in financial and risk management.

To secure individual and corporate wealth

To create value through a passionate commitment to partnerships

FBC Holdings Core ValuesCore Value Narrative

Communication Creating value through effective dissemination and reception of information

Life Long Learning Continuous acquisition and application of knowledge to provide win-win solutions

Integrity Fair and ethical business practices

Teamwork Collective and coordinated effort towards achieving a common goal.

Commitment Passionate dedication to consistently deliver on our promises

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Pillars of Strength

Core Values Governance Our TeamSocial Impact &

Financial Inclusion

Integrity 7 Boards of Directors in the Group

± 550 PermanentEmployees +650 Construction Jobs

Teamwork IndependentChairpersons +80% Aged <45 years +600 Agencies

Commitment 24 Non-ExecutiveDirectors 45% Female Employees

11 Rural out of 19 Microfinance

Branches

Communication20 Executive

Directors± 330 on Attachement

& Internship

600 000 clients Group wideHCP Subcribers +200 000

Life long learningand Entrepreneurship

300 000 Mobile BankingSubscribers

PAGE 8 |


Our Promise to our Stakeholders

Clear Purpose

StrongEarningsCapacity

High &Sustainable

ROE

ConsistentDividendPay-out

Strategic Priorities

Strong Foundation

ResponsibleCorporate

Citizen

New Business Development

To be Trendsetters in Financial & Risk Management

Adequate Capital

EnvironmentalManagement

Risk Management& Compliance

Adequate Skills Mix

Social ImpactManagement

Digital Transformationand Innovation

Robust ITSystems

Strong Governance

Below is a schematic summary of the transformation of FBCH over the years;

1997 2001 2004 2005 2009 2010 2011 2014 2017

RebrandedFrom Eagle Insurance

Merged entity lists on Zimbabwe

Stock Exchange

IPO & listing on Zimbabwe Stock Exchange

Merged with a Reinsurer to form FBC Holdings Limited

IN

IN

IN

IN

IN OUT

Our Journey

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Our Current Operations

strength • diversity • service

FBC Holdings Limited

FBC Insurance Company Limited

Consumer and Investment Banking Services Insurance Services

CommercialBanking

+AdvisoryServices

+FactoringServices

+CustodialServices

MortgageFinance

+Property

Development

MicroFinanceServices

EquitiesTrading

+Sponsoring

Broker

Short TermReinsurance

+Life & Health

Re-Assurance

Non-LifeInsurance

+Medical

Insurance

100% 100% 100% 100% 100% 95.4%

PAGE 10 |


FBC Holdings Limited

FBC Holdings Limited is the investment holding company of subsidiaries that provide commercial and investment banking, mortgage finance, microfi-nance, stockbroking, short term insur-ance and reinsurance services. It is list-ed on the Zimbabwe Stock Exchange. As at 30 June 2018, FBC Holdings had total assets of US$1.01 billion, and an equity position of US$152.93 million.

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FBC Bank Limited

FBC Bank Limited is a commercial bank registered in accordance with the Zimbabwe Banking Act (Chap-ter 24:20), serves individual clients, small to middle market businesses, large corporates and institutions with a full complement of commer-cial and investment banking servic-es. As at 30 June 2015, FBC Bank had total assets of US$821.52 million, and an equity position of US$84.74 million.

FBC Building Society

FBC Building Society constructs residential properties, as well as providing mortgage lending, sav-ings deposit accounts and other money market investment prod-ucts to the public. As at 30 June 2018, FBC Building Society had total assets of US$177.50 million, and an equity position of US$50.71 million.

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MicroPlan Financial Services (Private) Limited

MicroPlan Financial Services (Pri-vate) Limited is a microfinance institution that focuses on micro lending to the unbanked sector and hence caters for the lower income segment clients. As at 30 June 2018, MicroPlan had total assets of US$24.49 million, and an equity po-sition of US$8.32 million.

FBC Reinsurance Limited

FBC Reinsurance Limited provides risk transfer solutions to insurers in Africa and beyond. Its major role is to provide underwriting capacity to allow short term insurance compa-nies to assume greater individual risks than their size would otherwise allow, protect the insurer’s (i.e. ce-dant’s) balance sheet against cat-astrophic losses and larger than predicted accumulation of claims, management advice and risk man-agement. As at 30 June 2018, FBC Reinsurance had total assets of US$24.33 million, and an equity po-sition of US$14.30 million.

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Harare

Mutare

ChitungwizaChipinge

Mt Darwin

Bindura

RusapeHauna

Kadoma

Guruve

Lupane

Hwange

MutokoChinhoyi

V ictoria Falls

Kwekwe

Gweru

MasvingoZvishavane

Chiredzi

Beitbridge

Bulawayo

Gwanda

|

FBC Insurance Company (Private) Limited

Eagle Insurance Company (Private) Limited is a short-term insurance company licenced to offer a wide ar-ray of insurance products that include motor, engineering, accident, fire, ma-rine, farming, and aviation cover. As at 30 June 2018, FBC Insurance had total assets of US$13.77 million, and an equity position of US$6.79 million.

FBC Securities (Private) LimitedFBC Securities (Private) Limited is a registered stock broking company whose core business is to facilitate equities trading at the Zimbabwe Stock Exchange on behalf of clients. FBC Securities (Private) Limited offers a range of services to its clients that include research, advisory services, private portfolio management, and sponsoring broker services. As at 30 June 2018, FBC Securities had total assets of US$2.35 million and an eq-uity position of US$1.19 million.

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Harare

Mutare

ChitungwizaChipinge

Mt Darwin

Bindura

RusapeHauna

Kadoma

Guruve

Lupane

Hwange

MutokoChinhoyi

V ictoria Falls

Kwekwe

Gweru

MasvingoZvishavane

Chiredzi

Beitbridge

Bulawayo

Gwanda

|

The FBC Footprint

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Customer Segment

Pre-Adult Market Active Adult Market Retirement Market

Products and Services

• Transactional • Mobile Money Transfers• Savings & Investments• Health Insurance• Funeral Assurance• Educational Loans

• Transactional • Mobile Money Transfers• Savings & Investments• Health Insurance• Funeral Assurance• Non-Life Insurance• Life Assurance• Personal Loan Products• Mortgage Finance• Micro & Business Finance• Structured Trade Finance • Financial Advisory • Safe Custody

• Transactional • Mobile Money Transfers• Savings & Investments• Health Insurance• Funeral Assurance• Safe Custody• Financial Advisory

CSI Activities

• Schools E-Leaning Initiative • Bursary Fund• Student Internships• Graduate Development

Program

• Financial literacy programs• Arts and culture sponsor-

ships

• Donations to Nursing Homes

The Group at a glance: An integrated business model

PAGE 16 |


Board of Directors

Group Chief Executive

Independent Boards of Directors for every business unit

Internal Audit, Finance & Administration, Legal & Compliance, Risk Management, Credit Management; Human Resource, ICT, Marketing & PR

Audit Committee

GroupExecutive

Committee

Group Products Renewal

Committee

Commercial Bank

Building Society

Micro Finance Institution

ReinsuranceCompany

InsuranceCompany

Stock Broking Firm

Group Management

Committee

Group Risk & Compliance Committee

Group ICT Steering Committee

Group Business Continuity Plan

Committee

Risk & Compliance Committee

Finance & Strategy

Committee

HR & Remuneration

Committee

Corporate Governance & Nominations Committee

Marketing & PR

Committee

Oversight

Oversight

Executive Management

Shared Services

Business Units

Our Comprehensive Governance Structure

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FBC Holdings Board of Directors01Herbert NkalaIndependent Non-Executive ChairmanMSc Honours Degree, MBA-UZ

Appointed to the FBCH board at inception, and appointed independent non-executive chairman of the board in 2002. Herbert is a seasoned business man with a sol-id marketing background. Apart from the FBCH board, he serves on the boards of other Zimbabwean companies and is also a trustee of the Joshua Mqabuko Nkomo Scholarship Foundation.

02Chipo MtasaIndependent Non-Executive Deputy ChairB.Acc (Hons), CA(Z)

Appointed to the FBCH board in 2012 and appointed deputy chair of the board in ****. Chipo is the Man-aging Director of TelOne, and she has held several senior management positions including Group Chief Executive and Group Financial Director in leading companies within Zimbabwe’s hospitality, service and manufacturing sectors.

03John MushayavanhuGroup Chief ExecutiveAIBZ, Diploma In Management-(UK), MBA-(UK)

Appointed Group Chief Executive in 2011, previously having been Managing Director of FBC Bank Limited. John has over 30 years’ experience in the financial services sector, gained through the senior positions in corpo-rate and retail banking he held with FBC Bank and another multinational bank.

04Kleto ChiketsaniExecutive DirectorBA (Hons) Business Studies-UZ, ACII (SA)

Appointed Managing Director of FBC Rein-surance Limited in 2012, previously having been FBC Re’s Executive Director respon-sible for operation. Kleto has over 28 years’ experience in the reinsurance industry.

05Gertrude S. ChikwavaIndependent Non-Executive DirectorMSc Strategic Management

Appointed to the FBCH board in 2011. Getrude has worked for the Reserve Bank of Zimbabwe for 16 years, and is now a renowned businesswoman.

06Philip M. ChiradzaIndependent Non-Executive DirectorMSc. (University of Derby)

Appointed to the FBCH board in 2005. Philip is a former banker with over 29 years’ experi-ence in the financial services sector, including once being the Managing Director of a build-ing society in Zimbabwe.

07Gary CollinsIndependent Non-Executive DirectorB.A (HdipJourn) (Wits, Rhodes)

Appointed to the FBCH board in 2017. Gary is a speaker, consultant & expert on the nexus between digital innovation, lead-ing edge technologies, and core business value. He is the Founder & CEO of an Aus-tralian based firm that provides consultan-cy in Digital Innovation & Transformational business change in financial services. Gary has worked with over 40 Banks and Finan-cial Services companies in 30 countries.

08Felix GwandekwandeExecutive Director AIBZ, Diploma in Banking, Marketing, Credit Manage-ment- (UK), MBA- (UK)

Appointed Managing Director of FBC Building Soci-ety in 2011, previously having been a Divisional Di-rector in FBC Bank’s Retail Banking. Felix has over 35 years’ experience in the financial services sector, gained through the senior positions he held in various units within the FBC Group and two other multina-tional banks.

09Franklin H. KennedyNon-Executive Director Honors degree in Business Administration (University of Western Ontario, Canada)

Appointed to the FBCH board in 2013. Frank has for the past 40 years been involved in merchant and investment banking, fund man-agement and trade and project financing in approximately 35 countries in Africa. Frank is the Managing Director of Equator Capital Partners, a Chicago-based fund manage-ment company that manages the ShoreCap family of funds, which invest in inclusive fi-nancial services entities in developing and transitional economies. ShoreCap II holds a 7.3% equity interest in FBCH

10Trynos KufazvineiExecutive DirectorB. Acc (Hons), CA (Z), MBA (Manchester)

Appointed Deputy Group CE of FBC Hold-ings Limited in 2011. He is also the Group Finance Director of FBCH Holdings Limited since inception. Trynos has 28 years’ ex-perience in financial management, having trained, practiced and worked as Audit Se-nior at PwC.

11Canada MalungaIndependent Non-Executive DirectorBA Acc (Hons), CA (Z)

Appointed to the FBCH board in 2011. Canada is the Chief Executive Officer of Masimba Holdings Limited, and has held several senior management positions including Finance Director and Chief Executive Offi-cer in well-established Zimbabwean engineering and infrastructure companies.

12Rutenhuro MoyoIndependent Non-Executive DirectorBSc Psychology, MSc Industrial and Occu-pational Psychology (UZ)

Appointed to the FBCH board in 2018. Rutenhuro is currently heading Remoggo PCC, a Mauritius registered small equity ve-hicle. Apart from the FBCH board, he chairs National Tyre Services Board and serves on other various boards in Zimbabwe. Formerly, he assumed senior managerial roles at Old Mutual Zimbabwe, Coca Cola and Shanduka Group S.A.

13Godfrey G NhemachenaIndependent Non-Executive DirectorBSc, Soc

Appointed to the FBCH board in 2002. Godfrey is a seasoned civic society admin-istrator, formerly having been town clerk of the City of Gweru and is the past Chairman of the Local Authorities Pension Fund.

14Webster RusereExecutive DirectorAIBZ, MBA-UK (Banking, Accounting and Economics)

Appointed Managing Director of FBC Bank Limited in 2011, previously having been Managing Director of FBC Building Society. Webster has over 25 years’ experience in the financial services sector, gained through the senior positions in corporate and retail banking he held in various units within the FBC Group and another multinational bank. PAGE 18 |


Members of the Group Executive Committee (“Group EXCO”)01John MushayavanhuGroup Chief ExecutiveFBC Holdings LimitedAIBZ, Diploma In Management-(UK), MBA-(UK)

Appointed Group Chief Executive in 2011, previously having been Managing Director of FBC Bank Limited. John has over 30 years’ experience in the financial services sector, gained through the senior positions in corpo-rate and retail banking he held with FBC Bank and another multinational bank. He is also a past president of the Bankers Association in Zimbabwe.

02Trynos KufazvineiDeputy Group CE & Group Finance Direc-torFBC Holdings LimitedB. Acc (Hons), CA (Z), MBA (Manchester)

Appointed Deputy Group CE of FBC Holdings Limited in 2011. He is also the Group Finance Director of FBCH Holdings Limited since in-ception. Trynos has 28 years’ experience in financial management, having trained, prac-ticed and worked as Audit Senior at PwC.

03Webster RusereManaging DirectorFBC Bank LimitedAIBZ, MBA-UK (Banking, Accounting and Economic)

Appointed Managing Director of FBC Bank Limited in 2011, previously having been Man-aging Director of FBC Building Society. He is also the current president of the Bankers Association in Zimbabwe. Webster has over 25 years’ experience in the financial services sector, gained through the senior positions in corporate and retail banking he held in vari-ous units within the FBC Group and another multinational bank.

04Felix GwandekwandeManaging DirectorFBC Building SocietyAIBZ, Diploma in Banking, Marketing, Credit Management- (UK), MBA- (UK) Appointed Managing Director of FBC Build-ing Society in 2011, previously having been a Divisional Director in FBC Bank’s Retail Banking. He is also the chairman of the Project Management Institute of Zimbabwe (PMIZ). Felix has over 35 years’ experience in the financial services sector, gained through the senior positions he held in various units within the FBC Group and two other multina-tional banks.

05Patrick MangwendezaManaging DirectorMicroPlan Financial Service (Private) Lim-itedDip in Management Studies, Dip in Treasury Management & Trade finance, MBA

Appointed Managing Director of MicroPlan Financial Service (Private) Limited in 2011, previously having been a senior manager within FBC Bank Limited’s Retail Banking Di-vision. He is also the past Chairman of the Zimbabwe Association of Microfinance Insti-tutions (ZAMFI). Patrick has over 25 years’ experience in the financial services sector, gained through the senior positions he held in various units within the FBC Group and one other regional bank.

06Kleto ChiketsaniManaging DirectorFBC Reinsurance LimitedBA (Hons) Business Studies-UZ, ACII (SA)

Appointed Managing Director of FBC Rein-surance Limited in 2012, previously having been FBC Re’s Executive Director respon-sible for operation. Kleto has over 28 years’ experience in the reinsurance industry.

07Musa BakoManaging DirectorFBC Insurance Company (Private) Lim-itedMBA , Associate Chartered Insurance Insti-tute (UK), Chartered Insurer,

Appointed Managing Director of FBC Insur-ance Company (Private) Limited in 2011, pre-viously having been Chief Operations Officer of FBC Insurance Company. Musa has over 20 years’ experience in the insurance indus-try.

08Benson GasuraManaging DirectorFBC Securities (Private) LimitedStockbroker, MBA, MSC in Strategic Man-agement Appointed Managing Director of FBC Securi-ties in 2007, previously having been General Manager of at least two other stockbroking companies. Benson has over 20 years’ ex-perience in the stockbroking industry. Ben is also a board member of the Zimbabwe Stock Exchange

09Tichaona MabezaGroup Company SecretaryFBC Holdings LimitedBachelor of Business Studies Hons, ACIS

Appointed Group Company Secretary in 2004, previously having been a General Man-ager responsible for Finance and Corporate Services at a reinsurance company that was subsequently acquired by FBC Holdings Lim-ited. Tich has over 20 years’ experience in fi-nance and corporate management.

10Israel Murefu (Dr.)Divisional Director – Group Human Re-sourcesFBC Holdings Limited BL, MBA(UZ), FIPMZ, MZIM, Dip IPMZ, MIoDZ, Dip in Leadership & Gover-nance(ALI),PhD(AIU)

Appointed Divisional Director responsible for Human Resources in 2006. Israel has over 26 years’ experience as a Human Resources Practitioner with several Zimbabwean com-panies including two locally based multina-tional banks.

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Members of the Group Management Committee (“Group MANCO”)In addition to the aforementioned members of Group EXCO, Group MANCO also includes the following;

11Peter ChavaSenior Manager – Retail & EcommerceFBC Bank Limited & FBC Building So-ciety

EMBA, DME, CRB, CFE, CIA, CFSA, CCFM, AIBZ, DIP CFA

12Dorcas ChihotaDivision Head – Life and HealthFBC Reinsurance Limited

Bachelor of Comm in Insurance and Risk Management, MBA, Diploma in Insurance Associate of Chartered Insurance Institute (UK)

13Donald ChinyangaDivision Head - Project Management Of-ficeFBC Holdings Limited

BCOM Degree in Informatics, (University of South Africa), Certified Information Systems Auditor (CISA), Certified Information Security Manager (CISM), Certified in Risk and Infor-mation Systems Control (CRISC), Certified in the Governance of Enterprise IT (CGEIT), COBIT5 Implementation Certificate, Certified ISO/IEC 27001 Lead Implementer, Certified ISO/IEC 27032 Cyber Security Lead Man-ager, PRINCE2 Practitioner, Project Manage-ment Professional (PMP), P3O Certified (Port-folio, Program, Project management)

14Alfred ChitandaExecutive Director – Finance & Admin-istration & Group Management Accoun-tantFBC Insurance Company (Private) Lim-ited

ACMA (UK), GCMA (UK &USA), ACA (Zam-bia), Adv Dip Mgnt Accounting

15Lovemore ChumaDivision Head - OperationsFBC Bank Limited

Diploma in Work Study and Organisation & Methods, Institute of Management Banking- (UK)

16Clever HaparariDivision Director – Group IT & MISFBC Holdings Limited

BSc (Hons) Information Systems, CCNA, Certified PMI-Project Management Profes-sional, Diploma in Database Administration

17Weston HarunavamweSenior Manager - Structured Trade Fi-nanceFBC Bank Limited

Final year BBA - MANCOSA

18Agnes KanhukamweExecutive Director – Finance & Admin-istrationFBC Building Society

Bachelor of Accounting (Hons) - (UK), ACCA - (UK), Leadership Diploma

19Napoleon KokeraSenior Manager - Corporate FinanceFBC Holdings Limited

BComm. (Hons) Banking & Finance (MSU), MBA (NUST), Level III candidate in the CFA Program

PAGE 20 |


20Abel MagwazaExecutive Director – Finance & Admin-istrationFBC Bank Limited

BA Hons Accounting, MSc Accounting and Finance- (UK), ACCA, ACIS, MBA

21Martin MakoneseExecutive Director – Corporate & Institu-tional Banking DivisionFBC Bank Limited

BSc Economics, MBA (UZ)

22Sharon ManangaziraLegal Manager FBC Holdings Limited

LLB (Hons) UZ, LLM - UNISA

23Joaquim MatsvimboExecutive Director – Finance & Admin-istrationFBC Reinsurance Limited

BBA (Accounting)- Solusi University, Mas-ters of Business (Professional Accounting) - Queensland University of Technology

24Tinomuvonga MhakaDivision Head – SME BankingFBC Bank Limited

MBA (NUST), BCom BUS MGT (MSU)

25Agrippa MugwagwaExecutive Director – Retail & Ecom-merce FBC Bank Limited

MBL (UNISA), BBS (Hons)-UZ, Diploma in Banking, Diploma in Marketing, Advanced Bank Credit Management Diploma.

26Colin MutambiraDivision Head – Group Legal & Compli-anceFBC Holdings Limited

Bsc (HON) Economics

27Mudzingwa NhiwatiwaDivision Head – Group Risk Manage-ment FBC Holdings Limited

MSC Fin Economics & Banks, MBA, Bsc Economics, PRM (Professional Risk Manag-er PRMIA), CERM (Certified Enterprise Risk Manager)

28Patricia NyazengaDivision Head – Group Credit Manage-ment FBC Holdings Limited

BSc Hon Economics, MBL (Unisa), Diploma in Bank Credit Management (Damelin), IOBZ Diploma, Currently studying for LLB (Unisa)

29Pius RateiwaExecutive Director – ProjectsFBC Building Society

BBA (Accounting)- Solusi University, Mas-ters of Business (Professional Accounting) - Queensland University of Technology

30Reena SambazaDivisional Head – TreasuryFBC Building Society

MBA-(UK), BComm. Financial Management- (UNISA), Diploma IOBZ, Diploma in Leader-ship Development Programme - (UZ)

31Priscilla SadombaDivisional Head – Group Marketing & PRFBC Holdings Limited

BA Business Management and International Studies-USA, MBA-USA

32Patrick TakawiraExecutive Director – Treasury FBC Bank Limited

AIOBZ, CAIB (SA), Dip. Leadership((UZ), MBA

33Reynold ZembeInnovations ManagerFBC Holdings Limited

BSC Comp Science (MSU)

| PAGE 21


Board CommitteesAudit Committee

Corporate Governance & Nominations Committee

Digital Transformation Committee

Finance & Strategy Committee

Human Resource &Remuneration Committee

Marketing & Public Relations Committee

Risk & Compliance Committee

Nkala H. Chair √

Chiketsani K.*

Chikwava G. S. √ Chair √

Chiradza P. √ √ √

Collins G. Chair

Gwandekwande F.*

Kennedy F. H. √ √

Kufazvinei T.*

Malunga C. Chair Chair

Moyo R. √ √

Mtasa C. Chair √ √

Mushayavanhu J.* √ √ √

Nhemachena G.G. √ √ Chair √

Rusere W.*

ManagementThe schematic below shows the comprehensive management structure of FBC Holdings Limited and its various strategic busi-ness units (“SBU’).

Group Executive Committee (“Group EXCO”)Group EXCO is chaired by the Group Chief Executive and com-prising of the ten (10) most senior management officers of FBC Holdings Limited. It has the ultimate responsibility for directing the operations of FBC Holdings Limited, ensuring that the Group is well run and delivering on its mandate, keeping with the princi-ples, objectives and values of the company. It interacts with, and is accountable to the Board of Directors in line with set corporate governance guidelines. It is with

Group Management Committee (“Group MANCO”)Group MANCO is an administrative body that brings together thirty-three (33) of the most senior executives and head of units of the Group. While FBC Holdings Limited is invested in related but uniquely different sub-sectors of the financial services in-dustry, it has noted the need for a management committee that advances goal congruence across the Group. Balanced partic-ipation is therefore drawn from the Holding company and all its investee companies. Group MANCO provides the much needed communication link among investee companies as well as with Group EXCO.

SBUs Executive Committees (“EXCO”)Each SBU has its own EXCO to implement strategy as well as provide operational oversight on the day-to-day operations of the respective investee companies of FBC Holdings Limited. The respective EXCOs are accountable to their respective board of directors as well as administratively reporting into Group EXCO.

Executive Committees of respective

SBUs

Group Management Committee

Group EXCO

PAGE 22 |


Statement of Comprehensive Income - Highlights FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 H1 2018

Total Income 71,075,566 77,360,021 81,954,902 93,026,081 105,293,927 64,466,962

Operating Expenses 52,525,400 60,264,625 60,606,881 67,350,376 75,990,373 45,641,386

Profit Before Tax 18,550,166 7,095,396 21,348,021 25,675,705 29,303,554 18,825,576

Income Tax 2,132,747 3,162,233 3,249,778 3,737,979 6,055,324 4,013,471

Profit After Tax 16,417,419 13,933,163 18,098,243 21,937,726 23,248,230 14,812,105

Statement of Financial Position - Highlights FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 H1 2018

Total Assets 52,346,832 477,348,004 490,565,322 610,144,717 712,437,485 1,010,942,604

Total Equity 97,682,469 88,216,896 104,889,030 123,712,596 144,555,936 152,925,120

Loans & Advances 265,760,858 314,421,853 282,971,693 276,534,813 300,746,805 393,297,241

Total Deposits 299,744,370 364,867,862 360,719,968 425,501,429 523,984,853 808,394,552

Our Summarised Group Financial Performance

| PAGE 23


Shareholding InformationFor the year ended 31 December 2017

Range Shareholders Num-ber

% Shares held Number (‘000)

%

0-100 1245 15.04 106 0.02

101-200 1561 18.86 290 0.04

201-500 2506 30.28 794 0.12

501-1 000 948 11.45 665 0.10

1 001- 5 000 1265 15.28 2 904 0.43

5 001-10 000 242 2.92 1 727 0.26

10 001-50 000 282 3.41 5 863 0.87

50 001-100 000 64 0.77 4 754 0.71

100 001- 500 000 88 1.06 22 610 3.36

500 001-1 000 000 19 0.23 13 346 1.99

1 000 001- 10 000 000 48 0.58 189 630 28.22

10 000 001- 10 0.12 429 262 63.88

Total 8 278 100.00 671 951 100.00 Analysis of shareholding

Industry Shares held Num-bers (‘000)

%

Bank 55 0.01

Companies 222 200 33.07

Employee 1 154 0.17

Deceased Estate 17 0.00

External Companies 50 513 7.52

Fund Managers 396 0.06

Insurance Companies 20 844 3.10

Investment Trust and Property 4 546 0.68

Local Resident 12 315 1.82

Nominees Local 6 956 1.04

Non Residents 35 018 5.21

Non Resident Individual 4 381 0.65

Other Corporate Holdings 234 029 34.83

Pension Fund 79 526 11.84

Total 671 950 100.00

PAGE 24 |


Top ten shareholders

Institution Shares held Number (‘000)

%

NATIONAL PENSION SCHEME 236 037 35.13

SHORECAP II LIMITED NNR 49 150 7.31

STANBIC NOMINEES (PRIVATE) LIMITED 40 057 5.96

STANBIC NOMINEES (PRIVATE) LIMITED (NNR) 35 016 5.21

TIRENT INVESTMENTS (PRIVATE) LIMITED 31 761 4.73

CAHSGRANT INVESTMENTS (PVT) LTD 27 620 4.11

FBC HOLDINGS LIMITED 21 320 3.17

SCB NOMINEES 11 497 1.71

VIDRYL INTERNATIONAL (PVT) LTD 11 408 1.70

FBC REINSURANCE COMPANY LIMITED 10 508 1.56

Total 474 374 70.60

Performance on the Zimbabwe Stock Exchange 2017 2016

Number of shares in issue 671 949 927 671 949 927

Market prices (US cents per share)

Closing 20.00 8.00

High 25.00 8.02

Low 8.00 6.00

Market Capitalisation (US$) 134 389 985 53 755 994

| PAGE 25


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PAGE 26 |


362,598,984

671,949,927

-

100,000,000

200,000,000

300,000,000

400,000,000

500,000,000

600,000,000

700,000,000

800,000,000

FY 20009F Y 20010F Y 20011F Y 20012F Y 20013F Y 20014F Y 20015F Y 20016F Y 20017

Number of shares in issue

12,623,465

134,389,985

-

20,000,000

40,000,000

60,000,000

80,000,000

100,000,000

120,000,000

140,000,000

160,000,000


Market capitalisation (US$)

4.0

25.0

0.6

8.0

3.5

20.0

-

5.0

10.0

15.0

20.0

25.0

30.0


Market Price (US cents per share)

High Low Closing

| PAGE 27

Documents

Contents GROUP... · 2019-03-20 · Impala Seeds Building 69B 6th Street P.O. Box 1345, Gweru Telephone: 263-054-226189 263-054-223586 Fax: 263-054-226189 Bulawayo Branch FBC House