Almot Maqolo, Staff Writer 
CBZ Holdings (CBZHL) shares remained steady in a midweek session following the announcement of Lawrence Nyazema’s appointment as the new group chief executive officer.
Shares of CBZHL were steady at ZiG363,2500. Nyazema’s appointment, effective from April 19, 2024, comes after his tenure as the company’s acting group chief executive officer since December 1, 2023. This development coincides with the financial services giant’s bid for additional shares in First Mutual Holdings Limited (FMHL). Last year, CBZHL secured a 36,35 percent stake in FMHL.
Lawrence Nyazema
The Zimbabwe Stock Exchange (ZSE) has granted CBZ Holdings a 90-day extension to make the mandatory offer to FMHL’s remaining shareholders. As part of its growth strategy and efforts to attract foreign capital for domestic development initiatives, CBZHL is in the process of acquiring a majority interest in ZB Financial Holdings Limited (ZBFHL).
Nyazema is expected to spearhead CBZ Holding’s acquisition of FMHL and ZBFHL. “The board, management and staff congratulate Lawrence on his appointment and wish him all the best in his new role,” said Rumbidzayi Jakanani, CBZHL’s group chief governance officer, in a notice to shareholders.
Nyazema, who joined CBZ Bank Limited in January 2020 as executive director – wholesale banking and became managing director on January 1, 2022, has a rich professional background. He previously held roles as treasurer and commercial director at Barclays Bank (now First Capital Bank) and began his career at ZB Financial Holdings in 1990.
A seasoned professional, Nyazema holds a Master of Science in Finance from the University of London and banking diplomas from the Institute of Bankers South Africa and Zimbabwe. He currently serves as the president of the Bankers Association of Zimbabwe.
“Lawrence’s appointment may bring continuity since he was already the managing director of the bank, but in the context of the impending merger, it may entail a much larger role for him,” Welcome Mavingire, managing consultant at Intellego Investment Consultants, told The Financial Gazette.
He added, “Most of the information was already in the public domain and factored into the share price, so I don’t think there will necessarily be a reaction to the share.” Market observers anticipate the executive changes to facilitate a smooth transition.
They believe the new appointees, familiar with the modus operandi of CBZHL, are better positioned to carry the company culture forward than an outsider. In line with this, CBZHL recently appointed Luxon Zembe as chairman, effective April 19.
Zembe, who has been acting since December 1, 2023, is a highly experienced business management consultant who has consulted for many reputable private, public, and non-governmental organisations for over 30 years. “He (Zembe) comes back to add institutional memory,” said one analyst. The group’s share price is expected to rise once there is an increase in net asset value, but full-price discovery may be hindered due to liquidity constraints
