Mushoriwa takes reigns at First Capital Bank

BUSINESS REPORTER

 

Tapera Mushoriwa, the new managing director (MD) of First Capital Bank Zimbabwe, started his new tenure this week, it has been learnt.

As was first reported by Business Times in June this year, Mushoriwa assumed leadership in place of Ciaran McSharry, who has since moved back to his native United Kingdom.

The latest development was confirmed by First Capital Bank board chairman, Patrick Devenish.

“It is with great pleasure that I write to you to introduce  our new CEO for Zimbabwe Mr Tapera Mushoriwa. This comes after Ciaran McSharry’s decision  to return home  to the United Kingdom after dedicating  five sterling  years  of leadership and performance  to our business. We are grateful for Ciaran’s contributions and wish him well in his new endeavors.

Tapera has assumed his role  effectively from  September 18, 2023 and will dedicate  the next few   weeks to engaging  many of you with the intention  to listen and better understand  your needs. Tapera  is joining us from NBS where he held the position of  managing director. He brings extensive  banking  experience with a strong  background in fintech,” First Capital Bank board chairman,”Devenish said.

The decision to hire Mushoriwa, a seasoned business executive and banker, was seen as a bold strategy statement by the financial institution owned by First Merchant Bank.

They said he brings strategic thinking to First Capital Bank Zimbabwe.

First Capital Bank Zimbabwe was established after the successful acquisition of Barclays Bank of Zimbabwe Limited by Mauritius-based First Merchant Bank  Group,its parent company.

FMB Group also has banking operations in Malawi, Mozambique, Zambia, and Botswana.

Since the acquisition, First Capital Bank Zimbabwe has been trying to changeover from the London-controlled Barclays business model to a SADC regional bank.

The institution has remained resilient, achieving major milestones along the way, including securing foreign lines of credit and a listing on the Victoria Falls Stock Exchange.

However, there has been limited innovation and an ambiguity on its market positioning.

Prior to this appointment, Mushoriwa,  served as the National Business Society (NBS) MD . He transformed it from a dormant volcano to a very vibrant brand. He is now expected to  be  a game changer for FCB.

Today, NBS is seen as more than a housing provision institution but a total financial institution that gives other top banks a good run for their money.

Within nine months, under Mushoriwa’s leadership, NBS successfully delivered two housing projects after a four-year hiatus and has also launched corporate banking, among other innovations.

Before this role, Tapera also worked for Cassava Fintech International, Steward Bank, and Standard Chartered in various senior leadership positions, driving transformation strategies and innovation.

 

 

Related