Zembe appointed ZBHL board chairman

BUSINESS REPORTER

ZB Financial Holdings Limited (ZBFHL), a financial services group, has named Luxon Zembe as the new chairman of its board, effective August 1, 2023.

He takes over from Pamela Chiromo, who left the job in June of this year.

The appointment of Zembe comes as ZBHL struggles to find solutions to issues affecting its undercapitalized building society unit.

The group had two options.

The first was to merge it with its commercial bank while the other was to surrender its licence as ZB seeks to comply with the minimum capital threshold set by the central bank.

ZB has in the past missed several Reserve Bank of Zimbabwe minimum capital requirements deadlines for its building society.

While the ZB Bank is compliant with the US$30m or the Zimbabwe dollar equivalent minimum capital requirement, ZB Building Society   has been struggling to meet a capital requirement of US$20m or the Zimbabwe dollar equivalent.

Apparently, the ZBHL board has been struggling to reach closure on the two fronts.

“Luxon is a prominent and reputable business leader and economic analyst with over 30 years of corporate governance oversight, foresight, and insight experience across all sectors of the economy, including private, public, and NGO sectors,” ZBHFL said.

Zembe had previously served as the Reserve Bank of Zimbabwe board member, CBZ Holdings Limited Group chairman, Standard Chartered Bank-Head of Human Capital Development and Change Management across the African region.

He is the founding executive chairman and co-owner of Management Solutions Group of Companies with interests in business and management consultancy, offshore investments advisory services, commercial farming and hospitality and tourism.”

Zembe’s working career also includes Group Training and Management Development for Treger Group as well as being the Education and Training Officer for De Beers Botswana mining company at Oprapa Diamond Mine in Botswana.

Zembe’s business leadership experience includes being the former president of the Zimbabwe National Chamber of Commerce, Zimbabwe Institute of Management president, Professional SMEs president, SDA Church Association of Business and Professional People president.

Other experiences include being the founding president of Nyazura SDA High School Alumni Association, Africa Chambers of Commerce and Industry inaugural vice president, Institute of People Management vice-president, and the Institute of Management Consultants vice-president.

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