The Herald (Zimbabwe)

ARISE TAKES OVER NMB STAKE:

- Business Reporter

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 Washayawel­comed 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.

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