One of the country’s largest financial services groups, renowned banker, strategist and businessman Luxon Zembe, has been appointed acting chairman of CBZ Holdings to superintend over the merger with ZB Financial Holdings.
In a notice to shareholders, CBZ said Zembe takes over from Marc Holtzman, who has tendered his retirement as a director of the company and from the position of chairman, with effect from December 31, 2023.
In addition to that, group chief executive, Dr Blessing Mudavanhu, will also retire effective December 31, 2023, and Mr Lawrence Nyazema will immediately take over in an acting capacity.
The group said smooth transitional arrangements have been put in place for both senior appointments mandated with the facilitation of the proposed merger.
However, the proposed merger comes after the acquisition of ZB Financial Holdings in 2020 by CBZ Holdings in a transaction, the National Social Security Authority (NSSA) disposed of its 37,79 percent ZB Financial Holdings (ZBFH) shareholding in exchange for CBZ shares worth $640 million (US$7,8 million).
“Luxon Zembe has been appointed acting chairperson of CBZ Holdings and he is also the current chairman of ZB Financial Holdings, the reason for his appointment is to facilitate the merger of CBZ Holdings and ZB Financial Holdings,” read the notice.
The perceived objective of the appointment of Mr Zembe drives towards the creation of a stronger financial services group in the country that can drive and support national development projects both from a private and public sector perspective.