Q1 2020

30 EU BUSINESS NEWS / Q1 2020 , Chairman sets out strategic vision for CBZ's transformation. Says prospects for financial institution are 'exciting', with economy set to take off. Marc Holtzman, the Chairman of CBZ Holdings, set out a dynamic strategic vision for the financial institution to his senior management team. He told the assembled staff that, "I have worked in emerging markets for more than 30 years, in Russia, in Eastern Europe, in Kazakhstan and Africa, and I can tell you that I am more excited about the potential of Zimbabwe than any other country." His vision is to maintain and grow the financial institution's dominant market share of more than 23 per cent, develop its IT framework, and integrate its businesses, including the newly launched CBZ Capital. He said that financial services are set to change more in the next ten years than it has changed in the past 300 years. "People are often scared of change, but if we do not adapt to what is happening around us, we will lose market share," he said. "We need to change the culture of the institution, embrace digitisation and give people the opportunity to develop their skills. Planning For The Future "We have to be flexible, nimble and willing to change. We need to become the disruptors, reward performance, and deliver for our customers as we continue to grow our businesses. We will be an engine to transform peoples' lives financially and we will do that by improving our product offering and by extending our services to our corporate and retail customers." CBZ Holdings is the premier financial services provider in Zimbabwe. Led by its flagship business, CBZ Bank, CBZ Holdings aims to reach global investors and become the conduit for foreign investment in Zimbabwe. A new world class team leadership team has been assembled to transform CBZ Holdings and revolutionise Zimbabwe's financial services sector. The vision of the shareholders is to transform CBZ Holdings into a modern and profitable financial institution, one that enhances the role of digital services, supports Zimbabwe's reform agenda, and brings greater value to its customers. Chairman Marc Holtzman told the management team that this is an exciting time to be a financial institution in Zimbabwe. "This institution has a market capitalisation of US$14 million, because the market is pricing in the political risk of the past. However, I firmly believe that the future is bright, and we will be looking at a market capitalisation of hundreds of millions within the next three to five years. Once the market takes off – and it's a question of when, not if – the growth will be exponential." Mr Holtzman is also the current Chairman of the Board of Directors of the Bank of Kigali, the largest financial institution in Rwanda. Previously, Mr. Holtzman was Chairman of Meridian Capital HK, a private equity firm with investments in natural resources, real estate, food, agriculture and transportation. Prior to joining Meridian, Mr. Holtzman served as Vice Chairman of Barclays Capital and as Vice Chairman of ABN Amro Bank. Previously, he was co-founder and President of MeesPierson EurAmerica (a firm which was acquired by ABN Amro) and a Senior Advisor to Salomon Brothers.