FBC Group Profile
Contents
3 General Information 6 Message From The Group Chief Executive 7 Our Corporate Philosophy 7 FBC Holdings Core Values 8 Pillars of Strength 9 Our Promise to our Stakeholders 9 Our Journey 10 Our Current Operations 15 The FBC Footprint 16 The Group at a glance: An integrated business model 17 Our Comprehensive Governance Structure 18 FBC Holdings Board of Directors 19 Members of the Group Executive Committee 22 Board Committees 23 Our Summarised Group Financial Performance 24 Shareholding Information
About This Profile
This Group Corporate Profile can be viewed and downloaded at www.fbc.co.zw GRO UP C O R POR A T E PRO FILE 2 0 1 9
General Information FBC Holdings Limited
Registered Office Transfer Secretaries Attorneys 6th Floor FBC Centre First Transfer Secretaries (Private) Limited Dube Manikai & Hwacha Legal Practi- 45 Nelson Mandela Avenue 1 Armagh Avenue, Eastlea tioners P.O. Box 1227, Harare P.O. Box 11 Harare Eastgate Building Zimbabwe Telephone: 263-024-782869 6th Floor, Goldbridge, Southwing Telephone: 263-024-700312/797770 Mobile: 263 772146157/8 Corner Sam Nujoma Street and Robert 263-024-708071/2 Mugabe Road Telex: 24512 FIRSTB ZW Independent Auditor P.O. Box CR 36, Cranborne, Harare Swift: FBCPZWHA Deloitte & Touche Telephone: 263-024-780351/2 Fax: 263-024-700761 West Block, Borrowdale Office Park Costa & Madzonga Legal Practitioners E-mail: [email protected] Borrowdale Road, Harare 10 York Avenue, Newlands Website: http://www.fbc.co.zw P.O. Box 267, Harare P.O. Box CY1221, Causeway, Harare Telephone: 263-024-852120-22 Telephone: 263-08644133638/9 263-024-852124-29 Fax: 263-024-852130
FBC Bank Limited
Belgravia Private Banking Branch FBC Centre Branch Zvishavane Branch No. 2 Lanark Road, Belgravia 45 Nelson Mandela Avenue 98 Robert Mugabe Way P.O. Box A852, Avondale, Harare P.O. Box 1227, Harare P.O. Box 91, Zvishavane Telephone: 263-024-251975 Telephone: 263-024-700312 Telephone: 263-039-2176 263-024-251976 263-024-797761-6 263-039-2177 Fax: 263-024-253556 Fax: 263-024-7008071/2 Fax: 263-039-3327
Chinhoyi Branch Kwekwe Branch Chitungwiza Branch Stand 5309 Magamba Way 44a/b Robert Mugabe Way No 197 Tilcor Township, Seke P.O. Box 1220, Chinhoyi P.O. Box 1963, Kwekwe Chitungwiza Telephone: 263-067-24086 Telephone: 263-055-24116 Telephone: 263-024-30212 Fax: 263-067-26162 263-055-24160 263-024-31016 Fax: 263-055-24208 Bulawayo Avenue Branch Samora Machel Avenue Branch Asbestos House Mutare Branch Old Reserve Bank Building Jason Moyo Avenue 101 A Herbert Chitepo Avenue 76 Samora Machel Avenue P.O. Box 2910, Bulawayo P.O. Box 2797, Mutare P.O. Box GD 450, Greendale, Harare Telephone: 263-029-76079 Telephone: 263-020-62586 Telephone: 263-024-700372 263-029-76371 263-020-62114 263-024-700044 Fax: 263-029-67536 Fax: 263-020-60543 Fax: 263-024-793799
Masvingo Branch Nelson Mandela Avenue Branch Victoria Falls Branch FBC House Nelson Mandela Avenue Shop 4 Galleria De Falls 179 Robertson Street, Masvingo P.O. Box BE 818, Belvedere, Harare P.O. Box 225, Victoria Falls Telephone: 263-039-264118-9 Telephone: 263-024-750946 Telephone: 263-083-45995/6 263-039-264415-6 263-024-753608 Fax: 263-083-5995/6 263-039-262671 Fax: 263-024-775395 Fax: 263-039-262912 Msasa Branch Southerton Branch 104 Mutare Road Gweru Branch 11 Highfield Junction Shop P.O. Box AY1 Amby, Msasa, Harare 71 Sixth Street P.O. Box St495, Southerton, Harare Telephone: 263-024-446806 P.O. Box 1833, Gweru Telephone: 263-024-759712 Fax: 263-024-446815 Telephone: 263-054-26491 263-024-759392 263-054-26493 Fax: 263-024-759567 Beitbridge Branch 263-054-26497 1454 NSSA Complex Fax: 263-054-26498 Telephone: 263-085-23196 263-085-23198
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Graniteside and SME Branch Borrowdale Branch Bulawayo Private Branch Number 1 Crawford Road Unit 122-125, Sam Levy’s Village Asbestos Harare Graniteside, Harare Borrowdale, Harare Jason Moyo Avenue Telephone: 263-024-710326 Telephone: 263-024-850911 P.O. Box 2910, Bulawayo 263-024-710327 263-024-850912 Telephone: 263-029-76079 263-024-710328 263-024-850913 263-029-76371 263-029-67536
FBC Reinsurance Limited
Head Office Bulawayo Office 4th Floor, FBC Centre 1st Floor Asbestos House 45 N Mandela Avenue Jason Moyo Avenue P.O. Box 4282, Harare P.O. Box 2199, Bulawayo Telephone: 263-024-772703/7 Telephone: 263-029-888344 Fax: 263-024-772701 Fax: 263-029-888560
FBC Insurance Company Limited
Head Office Mutare Branch Bulawayo Branch Eagle House Manica Chambers 1st Floor, Asbestos House 105 Jason Moyo Avenue, Harare 2nd Avenue Road, Mutare Corner 11th and Jason Moyo Street, Bu- Telephone: 263-024-708212 Telephone: 263-020-65723 lawayo Fax: 263-024-797135 Fax: 263-020-63079/65722 Telephone: 263-029-71791/4 Fax: 263-029-76224
FBC Building Society
Leopold Takawira Branch Bulawayo Branch Mutare Branch FBC House FBC House FBC House 113 Leopold Takawira Corner R. Mugabe Way and 11th Avenue 101 A Herbert Chitepo Avenue P.O. Box 4041, Harare Bulawayo P.O. Box 1224, Mutare Telephone: 263-04-756811-6 Telephone: 263-09-79504/68679 Telephone: 263-020-65894 Fax: 263-04-772747 263-09-64547/69925/48 263-020-65897/8 Fax: 263-09-74069 Fax: 263-020-66723 Gweru Branch Impala Seeds Building FBC Centre Branch Masvingo Branch 69B 6th Street 45 Nelson Mandela Avenue FBC House P.O. Box 1345, Gweru P.O. Box 4041, Harare 179 Robertson Street, Masvingo Telephone: 263-054-226189 Telephone: 263-04-707057 Telephone: 263-039-62671/821/912 263-054-223586 Fax: 263-04-783440 Fax: 263-039-65876 Fax: 263-054-226189
FBC Securities (Private) Limited
2nd Floor, Old Reserve Bank Building 76 Samora Machel Avenue, Harare Telephone: 263-04-797761-6 / 700373
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Microplan Financial Services (Private) Limited
Head Office Gwanda Branch Rusape Office 4th Floor, FBC House Stand 623 Nkala Complex Stand 9 Robert Mugabe Avenue, Rusape 113 Leopold Takawira, Harare Soudan Street, Gwanda Telephone: 263 731 772 734 Telephone: 263-04-772745/772729 Telephone: 263-084-24296 Mt Darwin Office Bulawayo Branch Gweru Branch Stand 206, Mount Darwin Township, Mt 1st Floor, Asbestos House Office Number 15, Moonlight Building, Darwin Corner 11th and Jason Moyo Street, 5th Street, Gweru Telephone: 263 731 772 733 Bulawayo Mobile: 263 732 772 745 263 773 396 657 Telephone: 263-09-61650 Landline: 263-054-224524 Hauna Office Chiredzi Branch Bindura Branch Stand 107, Hauna Growth Point, Mutasa 349 Chilonga Drive, Chiredzi 846 Chenjerai Hunzvi Street, Bindura Telephone: 263 731 772 735 Telephone: 263 31 2752/2820 Telephone: 263-066-6581 Mobile: 263 731 772 750 / Guruve Office 263 772 527 147 Chinhoyi Office Stand 1409, Guruve Business Centre, 5308 Magamba Way, Chinhoyi Guruve Mutare Branch Landlines: 263-067-21034 Telephone: 263 731 772 736 101 A Herbert Chitepo Avenue Mobile: 263 73 177 2730 / Mutare 263 775 802 514 Hwange Telephone: 263-020-65895 Shop Number 101D, 22-23 Coronation 263-020-62949 Lupane Office Drive, Hwange Stand Number 12, Lupane Direct: 263 731 772 747 Mutoko Branch Cell: 263 731 772 731 CELL: 263 778 942 055 Shop Number 1 Stand 46/47 BJ Mall Oliver Newton Road Chipinge Office Zvishavane Office Chinzanga Township, Mutoko 294A Ferreira Street, Chipinge Office 14 Makairos Building, 97 R.G Mobile: 263-065-2722859 Cell: 263 731 772 732 Mugabe Way, Zvishavane Phone: 263 774 381 574 Masvingo Branch Kadoma Office 1st Floor, FBC Centre Office No 5, Mtetwa Family Trust Complex Beitbridge Branch 179 Robertson Street, Masvingo 6/7 Cilling Street NSSA Complex, Beitbridge, Zimbabwe Mobile: 263-736462940 Kadoma Direct line: 263 286 22197 / Telephone: 263-039-262912 263 778 203 776 0713 492 811 / 0731 772 748
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Message From The Group Chief Executive
Dear Reader holders, including but not limited to, investors, strategic partners, clients and regulatory authorities for your unwavering support to It is with great pleasure that I welcome you into these useful FBC Holdings Limited. I am also grateful to the FBC Holdings insights about FBC Holdings Limited. This company profile Board of Directors, Management and staff for their guidance, provides you with an overview of FBC Holdings Limited, sum- contribution and support in the execution of our business strat- mary of our financial results as well as a description of our key egy. In this vein, we promise our esteemed stakeholders that the businesses and their performance. Since inception in 1997, the Group will continue to deliver sustainable, innovative and mar- Group has evolved and transformed itself to better serve its ket-leading products to the present and future generations. stakeholders while remaining relevant in its target markets. We have however remained unwavering in our dedication to service Yours Sincerely excellence, as well as our consciousness to the social and envi- ronmental factors around us and our communities.
By nurturing the best talents, deploying the latest technologies and adopting a destiny of becoming Africa’s trendsetters in fi- nancial and risk management, FBC Holdings Limited is on solid footing to continue delivering incomparable value to its stake- holders. John Mushayavanhu Group Chief Executive I would like to express my sincere gratitude to our various stake-
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Our Corporate Philosophy
Destiny Cause Calling
To be Africa’s trendsetters in financial To secure individual and corporate To create value through a passionate and risk management. wealth commitment to partnerships
FBC Holdings Core Values
Core Value Narrative
Communication Creating value through effective dissemination and reception of information
Life Long Learning Continuous acquisition and application of knowledge to provide win-win solutions
Integrity Fair and ethical business practices
Teamwork Collective and coordinated effort towards achieving a common goal.
Commitment Passionate dedication to consistently deliver on our promises
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Pillars of Strength
Social Impact & Core Values Governance Our Team Financial Inclusion
7 Boards of Directors in the ± 550 Permanent Integrity +650 Construction Jobs Group Employees
Independent Teamwork +80% Aged <45 years +600 Agencies Chairpersons
11 Rural out of 19 24 Non-Executive Commitment 45% Female Employees Microfinance Directors Branches
600 000 clients Group wide Communication HCP Subcribers +200 000 20 Executive ± 330 on Attachement Directors & Internship Life long learning 300 000 Mobile Banking and Entrepreneurship Subscribers
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Our Promise to our Stakeholders
Strong Clear To be Trendsetters in Financial & Risk Management Earnings Purpose Capacity
Strategic New Business Risk Management Digital Transformation Priorities Development & Compliance and Innovation High & Sustainable ROE Strong Adequate Adequate Robust IT Foundation Capital Skills Mix Systems
Consistent Responsible Environmental Social Impact Strong Corporate Management Management Governance Dividend Citizen Pay-out
Our Journey
Below is a schematic summary of the transformation of FBCH over the years;
Merged with a Reinsurer to form FBC Holdings Limited
IN IN OUT 1997 2001 2004 2005 2009 2010 2011 2014 2017
IN IN Rebranded IPO & listing on Zimbabwe IN From Eagle Stock Exchange Insurance Merged entity lists on Zimbabwe Stock Exchange
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Our Current Operations
FBC Holdings Limited strength • diversity • service
Consumer and Investment Banking Services Insurance Services
FBC Insurance Company Limited
100% 100% 100% 100% 100% 95.4%
Commercial Mortgage Micro Equities Short Term Non-Life Banking Finance Finance Trading Reinsurance Insurance + + Services + + + Advisory Property Sponsoring Life & Health Medical Services Development Broker Re-Assurance Insurance + Factoring Services + Custodial Services
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FBC Holdings Limited
FBC Holdings Limited is the investment holding company of subsidiaries that provide commercial and investment banking, mortgage finance, microfi- nance, stockbroking, short term insur- ance and reinsurance services. It is list- ed on the Zimbabwe Stock Exchange. As at 30 June 2018, FBC Holdings had total assets of US$1.01 billion, and an equity position of US$152.93 million.
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FBC Bank Limited
FBC Bank Limited is a commercial bank registered in accordance with the Zimbabwe Banking Act (Chap- ter 24:20), serves individual clients, small to middle market businesses, large corporates and institutions with a full complement of commer- cial and investment banking servic- es. As at 30 June 2015, FBC Bank had total assets of US$821.52 million, and an equity position of US$84.74 million.
FBC Building Society
FBC Building Society constructs residential properties, as well as providing mortgage lending, sav- ings deposit accounts and other money market investment prod- ucts to the public. As at 30 June 2018, FBC Building Society had total assets of US$177.50 million, and an equity position of US$50.71 million.
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MicroPlan Financial Services (Private) Limited
MicroPlan Financial Services (Pri- vate) Limited is a microfinance institution that focuses on micro lending to the unbanked sector and hence caters for the lower income segment clients. As at 30 June 2018, MicroPlan had total assets of US$24.49 million, and an equity po- sition of US$8.32 million.
FBC Reinsurance Limited
FBC Reinsurance Limited provides risk transfer solutions to insurers in Africa and beyond. Its major role is to provide underwriting capacity to allow short term insurance compa- nies to assume greater individual risks than their size would otherwise allow, protect the insurer’s (i.e. ce- dant’s) balance sheet against cat- astrophic losses and larger than predicted accumulation of claims, management advice and risk man- agement. As at 30 June 2018, FBC Reinsurance had total assets of US$24.33 million, and an equity po- sition of US$14.30 million.
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FBC Insurance Company (Private) Limited
Eagle Insurance Company (Private) Limited is a short-term insurance company licenced to offer a wide ar- ray of insurance products that include motor, engineering, accident, fire, ma- rine, farming, and aviation cover. As at 30 June 2018, FBC Insurance had Mt Darwin total assets of US$13.77 million, and Guruve an equity position of US$6.79 million. Bindura Mutoko Chinhoyi Harare Chitungwiza Victoria Falls Chipinge Kadoma Rusape Hauna Kwekwe Hwange Mutare
Gweru Lupane Masvingo Bulawayo Zvishavane
Chiredzi FBC Securities (Private) Gwanda Limited
FBC Securities (Private) Limited is a registered stock broking company Beitbridge whose core business is to facilitate equities trading at the Zimbabwe Stock Exchange on behalf of clients. FBC Securities (Private) Limited offers
a range of services to its clients that include research, advisory services, private portfolio management, and sponsoring broker services. As at 30 June 2018, FBC Securities had total assets of US$2.35 million and an eq - uity position of US$1.19 million.
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The FBC Footprint
Mt Darwin Guruve Bindura Mutoko Chinhoyi Harare Chitungwiza Victoria Falls Chipinge Kadoma Rusape Hauna Kwekwe Hwange Mutare
Gweru Lupane Masvingo Bulawayo Zvishavane
Chiredzi Gwanda
Beitbridge
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The Group at a glance: An integrated business model
Customer Pre-Adult Market Active Adult Market Retirement Market Segment
• Transactional • Transactional • Transactional • Mobile Money Transfers • Mobile Money Transfers • Mobile Money Transfers • Savings & Investments • Savings & Investments • Savings & Investments • Health Insurance • Health Insurance • Health Insurance • Funeral Assurance • Funeral Assurance • Funeral Assurance • Educational Loans • Non-Life Insurance • Safe Custody Products and • Life Assurance • Financial Advisory Services • Personal Loan Products • Mortgage Finance • Micro & Business Finance • Structured Trade Finance • Financial Advisory • Safe Custody
• Schools E-Leaning Initiative • Financial literacy programs • Donations to Nursing Homes • Bursary Fund • Arts and culture sponsor- • Student Internships ships CSI Activities • Graduate Development Program
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Our Comprehensive Governance Structure
Board of Directors
Oversight Corporate Audit Risk & Finance & HR & Marketing & Compliance Strategy Remuneration PR Governance & Committee Nominations Committee Committee Committee Committee Committee
Group Chief Executive Executive Management Group Group Group Risk & Group ICT Group Business Group Products Executive Management Compliance Steering Continuity Plan Renewal Committee Committee Committee Committee Committee Committee
Commercial Building Micro Finance Reinsurance Insurance Stock Broking Business Units Bank Society Institution Company Company Firm
Oversight Independent Boards of Directors for every business unit
Shared Internal Audit, Finance & Administration, Legal & Compliance, Risk Management, Credit Services Management; Human Resource, ICT, Marketing & PR
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FBC Holdings Board of Directors
01 02 03 Herbert Nkala Chipo Mtasa John Mushayavanhu Independent Non-Executive Chairman Independent Non-Executive Deputy Chair Group Chief Executive MSc Honours Degree, MBA-UZ B.Acc (Hons), CA(Z) AIBZ, Diploma In Management-(UK), MBA- (UK) Appointed to the FBCH board at inception, Appointed to the FBCH board in 2012 and appointed and appointed independent non-executive deputy chair of the board in ****. Chipo is the Man- Appointed Group Chief Executive in 2011, chairman of the board in 2002. Herbert aging Director of TelOne, and she has held several previously having been Managing Director of is a seasoned business man with a sol- senior management positions including Group Chief FBC Bank Limited. John has over 30 years’ id marketing background. Apart from the Executive and Group Financial Director in leading experience in the financial services sector, FBCH board, he serves on the boards of companies within Zimbabwe’s hospitality, service and gained through the senior positions in corpo- other Zimbabwean companies and is also manufacturing sectors. rate and retail banking he held with FBC Bank a trustee of the Joshua Mqabuko Nkomo and another multinational bank. Scholarship Foundation. 04 05 06 Kleto Chiketsani Gertrude S. Chikwava Philip M. Chiradza Executive Director Independent Non-Executive Director Independent Non-Executive Director BA (Hons) Business Studies-UZ, ACII (SA) MSc Strategic Management MSc. (University of Derby)
Appointed Managing Director of FBC Rein- Appointed to the FBCH board in 2011. Getrude has Appointed to the FBCH board in 2005. Philip surance Limited in 2012, previously having worked for the Reserve Bank of Zimbabwe for 16 is a former banker with over 29 years’ experi- been FBC Re’s Executive Director respon- years, and is now a renowned businesswoman. ence in the financial services sector, including sible for operation. Kleto has over 28 years’ once being the Managing Director of a build- experience in the reinsurance industry. ing society in Zimbabwe. 07 08 09 Gary Collins Felix Gwandekwande Franklin H. Kennedy Independent Non-Executive Director Executive Director Non-Executive Director B.A (HdipJourn) (Wits, Rhodes) AIBZ, Diploma in Banking, Marketing, Credit Manage- Honors degree in Business Administration ment- (UK), MBA- (UK) (University of Western Ontario, Canada) Appointed to the FBCH board in 2017. Gary is a speaker, consultant & expert on Appointed Managing Director of FBC Building Soci- Appointed to the FBCH board in 2013. Frank the nexus between digital innovation, lead- ety in 2011, previously having been a Divisional Di- has for the past 40 years been involved in ing edge technologies, and core business rector in FBC Bank’s Retail Banking. Felix has over merchant and investment banking, fund man- value. He is the Founder & CEO of an Aus- 35 years’ experience in the financial services sector, agement and trade and project financing in tralian based firm that provides consultan- gained through the senior positions he held in various approximately 35 countries in Africa. Frank cy in Digital Innovation & Transformational units within the FBC Group and two other multina- is the Managing Director of Equator Capital business change in financial services. Gary tional banks. Partners, a Chicago-based fund manage- has worked with over 40 Banks and Finan- ment company that manages the ShoreCap cial Services companies in 30 countries. family of funds, which invest in inclusive fi- nancial services entities in developing and transitional economies. ShoreCap II holds a 7.3% equity interest in FBCH 10 11 12 Trynos Kufazvinei Canada Malunga Rutenhuro Moyo Executive Director Independent Non-Executive Director Independent Non-Executive Director B. Acc (Hons), CA (Z), MBA (Manchester) BA Acc (Hons), CA (Z) BSc Psychology, MSc Industrial and Occu- pational Psychology (UZ) Appointed Deputy Group CE of FBC Hold- Appointed to the FBCH board in 2011. Canada is the ings Limited in 2011. He is also the Group Chief Executive Officer of Masimba Holdings Limited, Appointed to the FBCH board in 2018. Finance Director of FBCH Holdings Limited and has held several senior management positions Rutenhuro is currently heading Remoggo since inception. Trynos has 28 years’ ex- including Finance Director and Chief Executive Offi- PCC, a Mauritius registered small equity ve- perience in financial management, having cer in well-established Zimbabwean engineering and hicle. Apart from the FBCH board, he chairs trained, practiced and worked as Audit Se- infrastructure companies. National Tyre Services Board and serves on nior at PwC. other various boards in Zimbabwe. Formerly, he assumed senior managerial roles at Old Mutual Zimbabwe, Coca Cola and Shanduka Group S.A. 13 14 Godfrey G Nhemachena Webster Rusere Independent Non-Executive Director Executive Director BSc, Soc AIBZ, MBA-UK (Banking, Accounting and Economics)
Appointed to the FBCH board in 2002. Appointed Managing Director of FBC Bank Limited Godfrey is a seasoned civic society admin- in 2011, previously having been Managing Director istrator, formerly having been town clerk of of FBC Building Society. Webster has over 25 years’ the City of Gweru and is the past Chairman experience in the financial services sector, gained of the Local Authorities Pension Fund. through the senior positions in corporate and retail banking he held in various units within the FBC Group PAGE 18 | and another multinational bank. GRO UP C O R POR A T E PRO FILE 2 0 1 9
Members of the Group Executive Committee (“Group EXCO”)
01 02 03 John Mushayavanhu Trynos Kufazvinei Webster Rusere Group Chief Executive Deputy Group CE & Group Finance Direc- Managing Director FBC Holdings Limited tor FBC Bank Limited AIBZ, Diploma In Management-(UK), MBA- FBC Holdings Limited AIBZ, MBA-UK (Banking, Accounting and (UK) B. Acc (Hons), CA (Z), MBA (Manchester) Economic)
Appointed Group Chief Executive in 2011, Appointed Deputy Group CE of FBC Holdings Appointed Managing Director of FBC Bank previously having been Managing Director of Limited in 2011. He is also the Group Finance Limited in 2011, previously having been Man- FBC Bank Limited. John has over 30 years’ Director of FBCH Holdings Limited since in- aging Director of FBC Building Society. He experience in the financial services sector, ception. Trynos has 28 years’ experience in is also the current president of the Bankers gained through the senior positions in corpo- financial management, having trained, prac- Association in Zimbabwe. Webster has over rate and retail banking he held with FBC Bank ticed and worked as Audit Senior at PwC. 25 years’ experience in the financial services and another multinational bank. He is also a sector, gained through the senior positions in past president of the Bankers Association in corporate and retail banking he held in vari- Zimbabwe. ous units within the FBC Group and another multinational bank. 04 05 06 Felix Gwandekwande Patrick Mangwendeza Kleto Chiketsani Managing Director Managing Director Managing Director FBC Building Society MicroPlan Financial Service (Private) Lim- FBC Reinsurance Limited AIBZ, Diploma in Banking, Marketing, Credit ited BA (Hons) Business Studies-UZ, ACII (SA) Management- (UK), MBA- (UK) Dip in Management Studies, Dip in Treasury Management & Trade finance, MBA Appointed Managing Director of FBC Rein- Appointed Managing Director of FBC Build- surance Limited in 2012, previously having ing Society in 2011, previously having been Appointed Managing Director of MicroPlan been FBC Re’s Executive Director respon- a Divisional Director in FBC Bank’s Retail Financial Service (Private) Limited in 2011, sible for operation. Kleto has over 28 years’ Banking. He is also the chairman of the previously having been a senior manager experience in the reinsurance industry. Project Management Institute of Zimbabwe within FBC Bank Limited’s Retail Banking Di- (PMIZ). Felix has over 35 years’ experience in vision. He is also the past Chairman of the the financial services sector, gained through Zimbabwe Association of Microfinance Insti- the senior positions he held in various units tutions (ZAMFI). Patrick has over 25 years’ within the FBC Group and two other multina- experience in the financial services sector, tional banks. gained through the senior positions he held in various units within the FBC Group and one other regional bank.
07 08 09 Musa Bako Benson Gasura Tichaona Mabeza Managing Director Managing Director Group Company Secretary FBC Insurance Company (Private) Lim- FBC Securities (Private) Limited FBC Holdings Limited ited Stockbroker, MBA, MSC in Strategic Man- Bachelor of Business Studies Hons, ACIS MBA , Associate Chartered Insurance Insti- agement tute (UK), Chartered Insurer, Appointed Group Company Secretary in Appointed Managing Director of FBC Securi- 2004, previously having been a General Man- Appointed Managing Director of FBC Insur- ties in 2007, previously having been General ager responsible for Finance and Corporate ance Company (Private) Limited in 2011, pre- Manager of at least two other stockbroking Services at a reinsurance company that was viously having been Chief Operations Officer companies. Benson has over 20 years’ ex- subsequently acquired by FBC Holdings Lim- of FBC Insurance Company. Musa has over perience in the stockbroking industry. Ben is ited. Tich has over 20 years’ experience in fi- 20 years’ experience in the insurance indus- also a board member of the Zimbabwe Stock nance and corporate management. try. Exchange
10 Israel Murefu (Dr.) Divisional Director – Group Human Re- sources FBC Holdings Limited BL, MBA(UZ), FIPMZ, MZIM, Dip IPMZ, MIoDZ, Dip in Leadership & Gover- nance(ALI),PhD(AIU)
Appointed Divisional Director responsible for Human Resources in 2006. Israel has over 26 years’ experience as a Human Resources Practitioner with several Zimbabwean com- panies including two locally based multina- tional banks.
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Members of the Group Management Committee (“Group MANCO”)
In addition to the aforementioned members of Group EXCO, Group MANCO also includes the following;
11 12 13 Peter Chava Dorcas Chihota Donald Chinyanga Senior Manager – Retail & Ecommerce Division Head – Life and Health Division Head - Project Management Of- FBC Bank Limited & FBC Building So- FBC Reinsurance Limited fice ciety FBC Holdings Limited Bachelor of Comm in Insurance and Risk EMBA, DME, CRB, CFE, CIA, CFSA, CCFM, Management, MBA, Diploma in Insurance BCOM Degree in Informatics, (University of AIBZ, DIP CFA Associate of Chartered Insurance Institute South Africa), Certified Information Systems (UK) Auditor (CISA), Certified Information Security Manager (CISM), Certified in Risk and Infor- mation Systems Control (CRISC), Certified in the Governance of Enterprise IT (CGEIT), COBIT5 Implementation Certificate, Certified ISO/IEC 27001 Lead Implementer, Certified ISO/IEC 27032 Cyber Security Lead Man- ager, PRINCE2 Practitioner, Project Manage- ment Professional (PMP), P3O Certified (Port- folio, Program, Project management) 14 15 16 Alfred Chitanda Lovemore Chuma Clever Haparari Executive Director – Finance & Admin- Division Head - Operations Division Director – Group IT & MIS istration & Group Management Accoun- FBC Bank Limited FBC Holdings Limited tant FBC Insurance Company (Private) Lim- ited Diploma in Work Study and Organisation & BSc (Hons) Information Systems, CCNA, Methods, Institute of Management Banking- Certified PMI-Project Management Profes- ACMA (UK), GCMA (UK &USA), ACA (Zam- (UK) sional, Diploma in Database Administration bia), Adv Dip Mgnt Accounting
17 18 19 Weston Harunavamwe Agnes Kanhukamwe Napoleon Kokera Senior Manager - Structured Trade Fi- Executive Director – Finance & Admin- Senior Manager - Corporate Finance nance istration FBC Holdings Limited FBC Bank Limited FBC Building Society BComm. (Hons) Banking & Finance (MSU), Final year BBA - MANCOSA Bachelor of Accounting (Hons) - (UK), ACCA MBA (NUST), Level III candidate in the CFA - (UK), Leadership Diploma Program
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20 21 22 Abel Magwaza Martin Makonese Sharon Manangazira Executive Director – Finance & Admin- Executive Director – Corporate & Institu- Legal Manager istration tional Banking Division FBC Holdings Limited FBC Bank Limited FBC Bank Limited
BSc Economics, MBA (UZ) LLB (Hons) UZ, LLM - UNISA BA Hons Accounting, MSc Accounting and Finance- (UK), ACCA, ACIS, MBA
23 24 25 Joaquim Matsvimbo Tinomuvonga Mhaka Agrippa Mugwagwa Executive Director – Finance & Admin- Division Head – SME Banking Executive Director – Retail & Ecom- istration FBC Bank Limited merce FBC Reinsurance Limited FBC Bank Limited MBA (NUST), BCom BUS MGT (MSU) BBA (Accounting)- Solusi University, Mas- MBL (UNISA), BBS (Hons)-UZ, Diploma in ters of Business (Professional Accounting) - Banking, Diploma in Marketing, Advanced Queensland University of Technology Bank Credit Management Diploma.
26 27 28 Colin Mutambira Mudzingwa Nhiwatiwa Patricia Nyazenga Division Head – Group Legal & Compli- Division Head – Group Risk Manage- Division Head – Group Credit Manage- ance ment ment FBC Holdings Limited FBC Holdings Limited FBC Holdings Limited
Bsc (HON) Economics MSC Fin Economics & Banks, MBA, Bsc BSc Hon Economics, MBL (Unisa), Diploma Economics, PRM (Professional Risk Manag- in Bank Credit Management (Damelin), IOBZ er PRMIA), CERM (Certified Enterprise Risk Diploma, Currently studying for LLB (Unisa) Manager)
29 30 31 Pius Rateiwa Reena Sambaza Priscilla Sadomba Executive Director – Projects Divisional Head – Treasury Divisional Head – Group Marketing & PR FBC Building Society FBC Building Society FBC Holdings Limited
BBA (Accounting)- Solusi University, Mas- MBA-(UK), BComm. Financial Management- BA Business Management and International ters of Business (Professional Accounting) - (UNISA), Diploma IOBZ, Diploma in Leader- Studies-USA, MBA-USA Queensland University of Technology ship Development Programme - (UZ)
32 33 Patrick Takawira Reynold Zembe Executive Director – Treasury Innovations Manager FBC Bank Limited FBC Holdings Limited
AIOBZ, CAIB (SA), Dip. Leadership((UZ), MBA BSC Comp Science (MSU)
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Board Committees
Audit Corporate Digital Finance & Human Marketing Risk & Committee Governance Transformation Strategy Resource & & Public Compliance & Committee Committee Remuneration Relations Committee Nominations Committee Committee Committee Nkala H. Chair √ Chiketsani K.* Chikwava G. S. √ Chair √ Chiradza P. √ √ √ Collins G. Chair Gwandekwande F.* Kennedy F. H. √ √ Kufazvinei T.* Malunga C. Chair Chair Moyo R. √ √ Mtasa C. Chair √ √ Mushayavanhu J.* √ √ √ Nhemachena G.G. √ √ Chair √ Rusere W.*
Group Executive Committee (“Group EXCO”) Management Group EXCO is chaired by the Group Chief Executive and com- The schematic below shows the comprehensive management prising of the ten (10) most senior management officers of FBC structure of FBC Holdings Limited and its various strategic busi- Holdings Limited. It has the ultimate responsibility for directing ness units (“SBU’). the operations of FBC Holdings Limited, ensuring that the Group is well run and delivering on its mandate, keeping with the princi- ples, objectives and values of the company. It interacts with, and Executive is accountable to the Board of Directors in line with set corporate governance guidelines. It is with Committees of respective SBUs Group Management Committee (“Group MANCO”) Group MANCO is an administrative body that brings together thirty-three (33) of the most senior executives and head of units Group Management of the Group. While FBC Holdings Limited is invested in related but uniquely different sub-sectors of the financial services in- Committee dustry, it has noted the need for a management committee that advances goal congruence across the Group. Balanced partic- ipation is therefore drawn from the Holding company and all its investee companies. Group MANCO provides the much needed communication link among investee companies as well as with Group EXCO. SBUs Executive Committees (“EXCO”) Group EXCO Each SBU has its own EXCO to implement strategy as well as provide operational oversight on the day-to-day operations of the respective investee companies of FBC Holdings Limited. The respective EXCOs are accountable to their respective board of directors as well as administratively reporting into Group EXCO.
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Our Summarised Group Financial Performance
Statement of Comprehensive Income - Highlights
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 H1 2018 Total Income 71,075,566 77,360,021 81,954,902 93,026,081 105,293,927 64,466,962 Operating Expenses 52,525,400 60,264,625 60,606,881 67,350,376 75,990,373 45,641,386 Profit Before Tax 18,550,166 7,095,396 21,348,021 25,675,705 29,303,554 18,825,576 Income Tax 2,132,747 3,162,233 3,249,778 3,737,979 6,055,324 4,013,471 Profit After Tax 16,417,419 13,933,163 18,098,243 21,937,726 23,248,230 14,812,105
Statement of Financial Position - Highlights
FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 H1 2018 Total Assets 52,346,832 477,348,004 490,565,322 610,144,717 712,437,485 1,010,942,604 Total Equity 97,682,469 88,216,896 104,889,030 123,712,596 144,555,936 152,925,120 Loans & Advances 265,760,858 314,421,853 282,971,693 276,534,813 300,746,805 393,297,241 Total Deposits 299,744,370 364,867,862 360,719,968 425,501,429 523,984,853 808,394,552
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Shareholding Information For the year ended 31 December 2017
Range Shareholders Num- % Shares held Number % ber (‘000) 0-100 1245 15.04 106 0.02 101-200 1561 18.86 290 0.04 201-500 2506 30.28 794 0.12 501-1 000 948 11.45 665 0.10 1 001- 5 000 1265 15.28 2 904 0.43 5 001-10 000 242 2.92 1 727 0.26 10 001-50 000 282 3.41 5 863 0.87 50 001-100 000 64 0.77 4 754 0.71 100 001- 500 000 88 1.06 22 610 3.36 500 001-1 000 000 19 0.23 13 346 1.99 1 000 001- 10 000 000 48 0.58 189 630 28.22 10 000 001- 10 0.12 429 262 63.88
Total 8 278 100.00 671 951 100.00
Analysis of shareholding
Industry Shares held Num- % bers (‘000) Bank 55 0.01 Companies 222 200 33.07 Employee 1 154 0.17 Deceased Estate 17 0.00 External Companies 50 513 7.52 Fund Managers 396 0.06 Insurance Companies 20 844 3.10 Investment Trust and Property 4 546 0.68 Local Resident 12 315 1.82 Nominees Local 6 956 1.04 Non Residents 35 018 5.21 Non Resident Individual 4 381 0.65 Other Corporate Holdings 234 029 34.83 Pension Fund 79 526 11.84
Total 671 950 100.00
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Top ten shareholders
Institution Shares held % Number (‘000) NATIONAL PENSION SCHEME 236 037 35.13 SHORECAP II LIMITED NNR 49 150 7.31 STANBIC NOMINEES (PRIVATE) LIMITED 40 057 5.96
STANBIC NOMINEES (PRIVATE) LIMITED (NNR) 35 016 5.21 TIRENT INVESTMENTS (PRIVATE) LIMITED 31 761 4.73 CAHSGRANT INVESTMENTS (PVT) LTD 27 620 4.11 FBC HOLDINGS LIMITED 21 320 3.17 SCB NOMINEES 11 497 1.71 VIDRYL INTERNATIONAL (PVT) LTD 11 408 1.70 FBC REINSURANCE COMPANY LIMITED 10 508 1.56
Total 474 374 70.60
Performance on the Zimbabwe Stock Exchange 2017 2016 Number of shares in issue 671 949 927 671 949 927 Market prices (US cents per share) Closing 20.00 8.00 High 25.00 8.02 Low 8.00 6.00
Market Capitalisation (US$) 134 389 985 53 755 994
| PAGE 25 FBC Holdin gs L imited 8.0 3.50 4.00 0.60 2009 25.0 20.0 FY 20017 671,949,927 134,389,985 12,623,465.00 362,598,984.00 8.0 6.0 8.0 6.50 8.60 3.50 2010 FY 20016 38,470,258 53,755,994 590,738,114 671,949,927 9.0 7.0 7.0 6.50 8.60 3.50 2011 FY 20015 38,470,258 47,036,495 591,850,127 671,949,927 7.0 8.0 7.50 8.00 3.50 2012 13.5 FY 20014 44,388,760 53,755,994 591,850,127 671,949,927 6.5 6.49 2013 14.5 13.5 13.50 14.51 FY 20013 90,713,240 90,713,240 671,949,927 671,949,927 8.0 3.5 7.5 8.00 7.00 2014 13.50 FY 20012 53,755,994 44,388,760 671,949,927 591,850,127 8.6 3.5 6.5 7.00 9.00 7.00 2015 FY 20011 47,036,495 38,470,258 671,949,927 591,850,127 8.6 3.5 6.5 8.00 8.02 6.00 2016 FY 20010 53,755,994 38,470,258 671,949,927 590,738,114 4.0 0.6 3.5 8.00 2017 20.00 25.00 FY 20009 12,623,465 671,949,927 134,389,985 362,598,984 SHAREHOLDING INFORMATION SHAREHOLDING INFORMATION Perfomance on the Zimbabwe Stock Exchange Performance on the Zimbabwe Stock Exchange Number of shares in issue Number of shares in issue Number of shares Market Price (US cents per share) Closing Market Price (US cents per share) High High Low Closing Low Market capitalisation (US$) Market capitalisation (US$)
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Number of shares in issue 800,000,000 671,949,927 700,000,000 600,000,000 500,000,000 362,598,984 400,000,000 300,000,000 200,000,000 100,000,000 - FY 20009F Y 20010F Y 20011F Y 20012F Y 20013F Y 20014F Y 20015F Y 20016F Y 20017
Market capitalisation (US$) 160,000,000 134,389,985 140,000,000 120,000,000 100,000,000 80,000,000 60,000,000 40,000,000 12,623,465 20,000,000 - FY 20009F Y 20010F Y 20011F Y 20012F Y 20013F Y 20014F Y 20015F Y 20016F Y 20017
Market Price (US cents per share) 30.0 25.0 25.0 20.0 20.0 15.0 10.0 8.0 4.0 3.5 5.0 0.6 - FY 20009F Y 20010F Y 20011F Y 20012F Y 20013F Y 20014F Y 20015F Y 20016F Y 20017 High Low Closing
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