CBZ bank seems to destroy $ 385 million fine – The Zimbabwe Mail



Dr. Blessing Mudavanhu

BANKING group CBZ Holdings says it is optimistic about "victory" in its attempt to avoid the $ 385 million fine imposed by the US government (US).

The US Department of Foreign Management Control (OFAC) sanctioned CBZ for multiple transactions carried out on behalf of ZB Bank at the time when the latter was placed under economic sanctions.

The chairman of CBZ, Noah Matimba, who addressed stakeholders on the sidelines of the institution's semi-annual financial analysis briefing event, hinted that influential people were engaged to tackle the issue and expressed their optimism that an amicable solution will be achieved.

"We have engaged people at the highest level to address the issue and we are optimistic that this will be resolved, but it has not affected our organization, as you can see from our financial statement that we are performing much better," he said. .

The newly appointed chief executive officer of the banking group, Dr. Blessing Mudavanhu, added that efforts were being made to save the largest bank in the country through asset base, but hinted that it may take some time before it finally is.

"We have sought internal and external advice to resolve the matter, but we are told that the matter will take a long time to be resolved," he said.

OFAC initially passed CBZ with a fine of $ 3.8 billion after investigations showed that the financial institution had committed 15,127 violations of US sanctions against Zimbabwe.

The amount, however, varied to $ 385 million after mitigation and critical negotiations.

Meanwhile, the unaudited financial results for the first half of 2018 show that the banking group booked $ 34.3 million profit after tax compared to $ 12 million booked in the same period last year.

Basic earnings per share increased to $ 13.3 million, compared to $ 4.6 million in the same period in 2017. The non-interest in total income increased to $ 51.2 million compared to $ 45.8 million in a similar period last year.

The group maintained its market leadership position, accounting for more than 20% of assets, deposits, loans and receivables from the banking sector, due to its contribution to the development of the Zimbabwean economy.

"During the second half of the year, the direction of the economy will largely depend on the status of the socio-political environment," said Matimba.

"Nevertheless, CBZ Holdings remains well aligned to the use of its significant balance sheet, strong market presence, diversified corporate portfolio and investment in research and development to pursue new opportunities and manage threats from the business environment."


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CBZ bank seems to destroy $ 385 million fine – The Zimbabwe Mail



Dr. Blessing Mudavanhu

BANKING group CBZ Holdings says it is optimistic about "victory" in its attempt to avoid the $ 385 million fine imposed by the US government (US).

The US Department of Foreign Management Control (OFAC) sanctioned CBZ for multiple transactions carried out on behalf of ZB Bank at the time when the latter was placed under economic sanctions.

The chairman of CBZ, Noah Matimba, who addressed stakeholders on the sidelines of the institution's semi-annual financial analysis briefing event, hinted that influential people were engaged to tackle the issue and expressed their optimism that an amicable solution will be achieved.

"We have engaged people at the highest level to address the issue and we are optimistic that this will be resolved, but it has not affected our organization, as you can see from our financial statement that we are performing much better," he said. .

The newly appointed chief executive officer of the banking group, Dr. Blessing Mudavanhu, added that efforts were being made to save the largest bank in the country through asset base, but hinted that it may take some time before it finally is.

"We have sought internal and external advice to resolve the matter, but we are told that the matter will take a long time to be resolved," he said.

OFAC initially passed CBZ with a fine of $ 3.8 billion after investigations showed that the financial institution had committed 15,127 violations of US sanctions against Zimbabwe.

The amount, however, varied to $ 385 million after mitigation and critical negotiations.

Meanwhile, the unaudited financial results for the first half of 2018 show that the banking group booked $ 34.3 million profit after tax compared to $ 12 million booked in the same period last year.

Basic earnings per share increased to $ 13.3 million, compared to $ 4.6 million in the same period in 2017. The non-interest in total income increased to $ 51.2 million compared to $ 45.8 million in a similar period last year.

The group maintained its market leadership position, accounting for more than 20% of assets, deposits, loans and receivables from the banking sector, due to its contribution to the development of the Zimbabwean economy.

"During the second half of the year, the direction of the economy will largely depend on the status of the socio-political environment," said Matimba.

"Nevertheless, CBZ Holdings remains well aligned to the use of its significant balance sheet, strong market presence, diversified corporate portfolio and investment in research and development to pursue new opportunities and manage threats from the business environment."


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