FBC Holdings Limited

Why FBC Holdings Limited?

FBC Corporation Limited is a public listed company incorporated in Zimbabwe and offers great security to both the customer and shareholder. The Group has a wide national network of offices through which our customers can access financial products and services.

• Business Overview
• Operating Units
• Contact Us

Business Overview

FBC Holdings Limited (FBCH) is an investment holding company listed on the Zimbabwe Stock Exchange and whose principal activities are in Zimbabwe. The Group offers diverse financial services through subsidiaries that span commercial banking, mortgage financing, short-term insurance, re-insurance, securities trading and micro- financing.

In all, the FBC Holdings Group comprises FBC Bank Limited, FBC Building Society, FBC Reinsurance, FBC Securities (Private) Limited, Eagle Insurance Company Limited and MicroPlan Financial Services (Private) Limited.

Our Operating Business Units

• FBC Bank Limited: The flagship business unit of FBC Holdings, FBC Bank was established as First Banking Corporation in 1997 and was the first locally-owned commercial bank in Zimbabwe to secure an operating licence.
• FBC Building Society Limited: This is a mortgage finance institution whose main thrust is the mobilization of savings and the promotion of home ownership in Zimbabwe.
• FBC Reinsurance (Private) Limited: Is Zimbabwe's leading reinsurer which provides risk transfer solutions to insurers in Africa and beyond.
• FBC Securities (Private) Limited: Is a 100 percent owned stock broking subsidiary of FBC Holdings. It was established in 2005 to complement operations and take advantage of synergies within the group.
• MicroPlan Financial Services (Private) Limited: Is a wholly owned subsidiary of FBC Holdings Limited. It is incorporated and domiciled in Zimbabwe and it provides a variety of short to medium term micro financing products tailor made to fulfill a variety of customer needs for SMEs, individuals and groups of people.
• Eagle Insurance Company (Private) Limited: Is a short-term insurer that provides innovative and comprehensive insurance solutions that cover a variety of risks related to Motor, Marine, Aviation, Property, and Health Insurance.

Ways to Connect

Head Office 6th Floor, FBC Centre 45 Nelson Mandela Avenue Tel.: +263-4-700 312 / 797 770, 708 071 / 2 Fax.: +263-4-700761 Corporate website: www.fbc.co.zw

Postal Address P.O. Box 1227 Telex: 24512 FIRSTB ZW Swift: FCBPZWHA Fax: +263-4-700761 E-mail: info@fbc.co.zw

Business Units Contacts

FBC Bank Limited

FBC Centre
45 Nelson Mandela Avenue, Harare
Contact: Webster Rusere - Managing Director
Direct Line: +263 4 772 704
General Lines: +263 4 704 460
Fax.: +263 4 756 799
Mobile: +263 712 419 141
E-mail: webster.rusere@fbc.co.zw

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FBC Building Society Limited

FBC Centre
45 Nelson Mandela Avenue, Harare
Contact: Felix Gwandekwande - Managing Director
Direct Line: +263 4 753050
General Lines: +263 4 772 705-7 / 704 460 / 2
Fax.: +263 4 756 799
Mobile: +263 712 406 101
E-mail: felix.gwandekwande@fbc.co.zw

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FBC Reinsurance Limited

FBC Centre
45 Nelson Mandela Avenue, Harare
Contact: Kleto Chiketsani - Managing Director
Direct Line: +263 4 780 848
General Lines: +263 4 772 705-7 / 704 460 / 2
Fax.: +263 4 780 848
Mobile: +263 712 608 657
E-mail: kleto.chiketsani@fbc.co.zw

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FBC Securities (Private) Limited

2nd Floor Bank Chambers
76 Samora Machel Avenue, Harare
Contact: Benson Gasura - Managing Director
Direct Line: +263 4 797 779
General Lines: +263 4 797 761-8 / 700 312
Fax.: +263 4 704 492
Mobile: +263 735 167 321
E-mail: benson.gasura@fbc.co.zw

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MicroPlan Financial Services (Private) Limited

4th Floor, FBC House
113 Leopold Takawira Street, Harare
Contact: Patrick Mangwendeza - Executive Director
General Lines: +236 4 772 729 / 772 745
Mobile: +263 772 283 584
E-mail: patrick.mangwendeza@fbc.co.zw

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Eagle Insurance Company Limited

Eagle House, 105 Jason Moyo Avenue/4th Street, Harare
General Lines: +236 4 708 212-9
Fax.: +263 4 797 135
Mobile: +263 712 201 151/ +263 774 162 738
E-mail: bakom@eagle.co.zw

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Corporate Governance Statement

The Board is committed to the principles of openness, integrity and accountability. It recognises the developing nature of corporate governance and assesses its compliance with local and international generally accepted corporate governance practices on an ongoing basis through its various subcommittees.

Board Committees

• Audit
• HR
• Finance
• Risk
• Credit
• Loans Review
• ALCO
• Executive

Audit Committee

The Committee is chaired by a non-executive director and comprises of non-executive directors only. The Divisional Director of Internal Audit, the Group Chief Executive, the Group Finance Director and other executives attend the committee by invitation. The Committee is constituted at Group level and oversees subsidiary companies. The Committee meets regularly to:

• Review compliance with statutory regulations;
• Review the effectiveness of internal controls;
• Review and approve the financial statements; and
• Review reports of both internal and external auditors’ findings, instituting special investigations where necessary.

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Audit Committee Memberships

• P.M. Chiradza (Chairman)
• J.R. Mawere
• G.G. Nhemachena
• C. Malunga
• C. Mtasa

Human Resources Committee

The Committee is chaired by a non-executive director and comprises mainly non-executive directors. This Committee is constituted at Group level and oversees the subsidiary companies. Meetings of the committee are attended by invitation by the Divisional Director of Human Resources.

The Committee’s primary objective is to ensure that the right calibre of management is attracted and retained. To achieve this it ensures that the directors, senior managers and staff are appropriately rewarded for their contributions to the Group’s performance.

The Committee is also responsible for the Group’s Human Resources Policy issues, terms and conditions of service. Non-executive directors are remunerated by fees and do not participate in any performance-related incentive schemes.

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Human Resources Committee Memberships

• H. Nkala (Chairman)
• J. Mushayavanhu
• P.M. Chiradza
• J.R. Mawere

Finance and Strategy Committee

The Board Finance and Strategy Committee has written terms of reference. This committee is constituted at Group level and oversees the subsidiary companies. It is chaired by a non-executive director. Meetings of the Committee are attended by invitation, by other senior executives.

The committee meets at least four times a year to review the following amongst other activities:

• The Group’s financial statements, and accounting policies;
• The Group’s strategy and budget;
• The Group’s performance against agreed benchmarks; and
• The adequacy of the Group’s management information systems.

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Finance and Strategy Committee Membership

• K. Chibota (Chairman)
• J. Mushayavanhu
• T. Kufazvinei
• W. Rusere
• J. M. Matiza
• F. Gwandekwande
• G. Chikwava
• K. Chiketsani

Risk and Compliance Committee

The Committee is constituted at Group level and is responsible for the group risk management function. It is chaired by a non executive director. The Committee’s primary objective is to maintain oversight of the Group’s risk and regulatory compliance processes and procedures and monitor their effectiveness. The Committee keeps under review, developments and prospective changes in the regulatory environment and monitors significant risk and regulatory issues affecting the Group, noting any material compliance/ regulatory breaches and monitoring resolution of such any such breaches.

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Risk and Compliance Committee Membership

• G.G. Nhemachena (Chairman)
• K. Chibota
• J. Mushayavanhu
• W. Rusere
• P.M. Chiradza
• F. Gwandekwande
• K. Chiketsani
• C. Mtasa

Credit Committee

This committee falls directly under the Bank. It sets the Bank’s credit policy and also approves credit applications above management’s discretionary limits. The committee is responsible for the overall quality of the Bank’s credit portfolio. The committee is chaired by a non-executive director. The Heads of Credit and Risk Management attend the committee meetings by invitation.

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Credit Committee Memberships

• G.R. Bera (Chairman)
• D.W. Birch
• T. Mazoyo
• W. Rusere

Loans Review Committee

The committee falls directly under the Bank, has terms of reference and comprises non-executive directors only. Meetings of the committee are attended by invitation, by the Managing Director of the Bank, the Head of Credit and Risk and the Group Chief Executive.

The committee is responsible for ensuring that the Bank’s loan portfolio and lending activities abide by the Bank’s credit policy as approved by the Board of Directors and is in compliance with RBZ requirements. It also ensures that problem loans are properly identified, classified and placed on non-accrual in accordance with the Reserve Bank guidelines. The committee also ensures that adequate impairment allowances are made for potential losses and write-offs of losses identified are made in the correct period.

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Loans Review Committee Memberships

• M. Ndoro (Chairman)
• T. Mutunhu
• S. Mutangadura

Assets and Liabilities Committee

The Committee is chaired by a non-executive director and comprises mainly non-executive directors. This Committee is constituted at Group level and oversees the subsidiary companies. Meetings of the committee are attended by invitation by the Divisional Director of Human Resources.

The Committee’s primary objective is to ensure that the right calibre of management is attracted and retained. To achieve this it ensures that the directors, senior managers and staff are appropriately rewarded for their contributions to the Group’s performance.

The Committee is also responsible for the Group’s Human Resources Policy issues, terms and conditions of service. Non-executive directors are remunerated by fees and do not participate in any performance-related incentive schemes.

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Assets and Liabilities Committee Memberships

• D.W. Birch (Chairman)
• G. Bera
• T. Mazoyo
• J. Mushayavanhu
• S. Mutangadura
• T. Mutunhu
• W. Rusere

Executive Committee

The operational management of the Group is delegated to the executive committee, which is chaired by the Group Chief Executive. The executive committee is the chief operating decision maker for the Group.

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Executive Committee Memberships

• The Group Chief Executive
• Group Finance Director
• Group Company Secretary
• Managing Director (FBC Bank Limited)
• Managing Director (FBC Reinsurance Limited)
• Managing Director (FBC Building Society)
• Managing Director (FBC Securities (Private) Limited)
• Managing Director (Eagle Insurance Company (Private) Limited)
• Divisional Director Human Resources

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The Board Profiles

Herbert Nkala

Group Chairman

MBA - UZ, MSc Honours Degree

A businessman in his own right, Herbert is a business and marketing consultant who has several mandates locally and abroad. His career in the corporate world began at National Breweries where he was Marketing Director, the same position he assumed at Dairiboard Zimbabwe. The commercialisation of the former Zimbabwe Tourism Development Corporation saw Herbert becoming the first Chief Executive of the Rainbow Tourism Group. Apart from chairing the FBCH board, Herbert chairs the boards of Turnall Fibre Cement, Homelink Zimbabwe and Zimbabwe Grain Bag. In addition, he is a non-executive director of Astra Holdings and Tanganda Tea Company. Herbert is also a trustee of the Joshua Mqabuko Nkomo Scholarship Foundation.

John Mushayavanhu

Group Chief Executive

MBA - (UK), Diploma in Management - (UK), AIBZ

A career banker, John has over 30 years experience in the financial services sector, gained through the senior positions in corporate and retail banking he held with a local multinational bank. He joined FBC Bank as an Executive Director in the Corporate Banking Division in October 1997. After the establishment of FBC Holdings in 2004 he was appointed Managing Director of FBC Bank and Deputy Group Chief Executive. John was appointed Group Chief Executive of FBC Holdings in June 2011. He is past President of the Bankers Association of Zimbabwe and he sits on the Board of Turnall Holdings among others.

Trynos Kufazvinei

Deputy Chief Executive

Master of Administration (University Of Manchester - UK), Bachelor of Accountancy (Hons) - (UZ), CA (Z)

Trynos joined FBC Bank in January 1998 as Head of Finance and Administration and was appointed to the Board as Finance Director in October 2003. He became Group Finance Director upon the establishment of FBC Holdings in 2004 and was appointed Deputy Group Chief Executive in June 2011. Trynos sits on the boards of various companies.

Webster Rusere

Executive Director

MBA - UK (Banking, Accounting and Economic), AIBZ

Webster is a career banker with vast experience in corporate, retail, treasury and international banking. He has worked for international and regional banking institutions within and outside Zimbabwe at executive level. Webster was the Managing Director of FBC Building Society for 5 years prior to his appointment as Managing Director of FBC Bank in June 2011.

Felix Gwandekwande

Executive Director

AIBZ, Diploma in Banking, Marketing, Credit Management - (UK), MBA - (UK)

Felix started his banking career in 1981, working for two international banks in Zimbabwe before joining First Banking Corporation in 1997 as Branch Manager in Gweru. He has 29 years' experience in the financial services industry and has held the positions of Senior Manager, Head of Retail Banking and Director Retail Banking before being appointed Managing Director of FBC Building Society in June 2011. Felix is an Executive Director of FBC Holdings Limited and is also the current Chairman of the Project Management Institute of Zimbabwe (PMIZ).

Kleto Chiketsani

Executive Director

Bachelor of Business Studies (Hons) – UZ

Kleto is an Associate of the Insurance Institute of South Africa. He started his career in 1990 as a trainee underwriter with a local reinsurance company. In 1995 he joined FBC Re at the company's inception as a Senior Underwriter (Treaties) and rose through the ranks to his current position as Managing Director of FBC Reinsurance Limited.

Kenzias Chibota

Non-Executive Director

Bachelor of Accountancy - UZ, CA (Z)

Kenzias is the Chief Executive Officer of Destiny Electronics (Private) Limited and sits on the boards of Talent Vision and Sound (Private) Limited and FBC Reinsurance Company.

Gertrude Chikwava

Non-Executive Director

MSc Strategic Management

Gertrude holds a Master of Science degree in Strategic Management and sits on the boards of various companies. She was with the Reserve Bank of Zimbabwe for 16 years.

Philip M Chiradza

Non-Executive Director

MSc Strategic Management

Philip has a Master of Science Degree in Strategic Management plus 29 years' experience in the financial services sector. He is the former Managing Director of Beverley Building Society, now CBZ Building Society.

Canada Malunga

Non-Executive Director

BA Acc (Hons), CA (Z)

Canada is a Chartered Accountant who has broad experience in various sectors of commerce and industry in Zimbabwe. He is the current past President of The Institute of Chartered Accountants (Zimbabwe).

James Matiza

Non-Executive Director

MSc Social Protection Financing - Netherlands, BA Business Studies - UZ, Diploma Social Security Financing - Italy

A Fellow of the Chartered Institute of Secretaries, James is the General Manager of the National Social Security Authority (NSSA) of Zimbabwe where he has worked in various capacities for more than 16 years. He sits on the board of Zimre Holdings Limited.

Johnson Rex Mawere

Non-Executive Director

MA Administrative Sciences (Business Management), BA Public Administration and Economics

Johnson is the former Executive Mayor of Kwekwe, a position that he held for eight years. Prior to that he was the city's Town Clerk and was at that time instrumental in the elevation of the former town to city status. Johnson served as Deputy Director of the District Development Fund (DDF) and on the boards of Air Zimbabwe, Affretair and was Chairman of Avohn Steel Industries (Private) Limited. The former mayor is currently pursuing his own business interests.

Chipo Mtasa

Non-Executive Director

Bachelor of Accountancy - UZ, CA (Z)

Chipo is a Chartered Accountant who holds a Bachelor of Accountancy Honours Degree from the University of Zimbabwe. Since completing her articles of clerkship with a leading accounting firm 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. Chipo also currently sits on the boards of several companies and institutions including Interfresh Limited, Zimbabwe Investment Authority, Midlands State University, Environment Africa and Hippo Houseboats & Safaris. Her career highlights include prestigious business awards such as, Zimbabwe National Chamber of Commerce Business Woman of the Year 2008 and Harare Chamber of Commerce Business Woman of the Year 2007. In 2008 she also won the Tourism Personality of the Year from the Zimbabwe Council for Tourism and in 2007 the Zimbabwe Tourism Authority awarded her the Tourism Personality of the Year accolade.

Godfrey G Nhemachena

Non-Executive Director

Bachelor of Science in Sociology

Godfrey was appointed to the Board of Directors of First Banking Corporation Limited in June 2002 and joined the Board of FBC Holdings in 2004. He holds directorships in a number of other companies. Godfrey is the former Town Clerk for the City of Gweru and is past Chairman of the Local Authorities Pension Fund.

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Latest financial results

FY2014 financial results

FY2014 results presentation

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