Arise, an investment company that was formed by a partnership between Norfund (a Norwegian investment fund), FMO (a Dutch development fund) and Rabobank (a Dutch commercial bank) has taken over 69.14 million shares of Norfund and FMO in NMBZ.
This makes Arise the second largest shareholder in NMBZ with 17,98 percent of shares. The largest shareholder in NMBZ is African Century Financial Investments incorporated in Mauritius, which has 18,52 percent of NMBZ’s shares.
Deepak Malik, the Chief Executive Officer of Arise, said: “In taking and managing strategic minority equity stakes in Sub‑Saharan African financial service providers, we aim to build strong and stable institutions that will support the mass market, Small and Medium Enterprises (SMEs) and rural communities”.
Arise supports the growth and development of African financial service providers, not only through its investments in them but through providing them with technical and management services in the fields of governance, management, marketing, innovation, compliance and risk management.
This fits in well with NMB Bank’s thrust to promote financial inclusion and help SMEs develop into formidable businesses.
NMBZ chief executive Benefit Washaya welcomed the partnership, which, he said, should enable NMBZ to benefit from being part of a wide network of African banks in which Arise has interests.
“NMBZ is excited and welcomes Arise as an important shareholder for our company and as an important contributor to building a stronger financial sector in Sub-Saharan Africa. NMBZ will benefit from the wide network of other African banks that are part of this group,” he said.
The transaction has received the approval of the various regulatory authorities in Zimbabwe.