NMBZ property unit to contribute 10pct of income

NMBZ Holdings (NMBZ) says it expects its property subsidiary to contribute at least 10 percent to the bank’s income, with the proceeds increasing as the unit grows.
The group diversified its operations into the property market by establishing a fully-fledged property division, which is part of the banking unit.
Speaking at the official launch of the subsidiary, NMB Properties, and the opening of 26 completed cluster homes in Marlborough, Harare, group chief executive of NMBZ, Gerald Gore said the group has capitalised the company to the tune of US$3,5 million.

“As NMB, we have been active in the property space for a long time, both on the funding side via our mortgages unit as well as on several property development projects that span across industrial, commercial and resid