BUSINESS WRITER 15 March 2018
HARARE – MBCA Zimbabwe this week changed its name to Nedbank Zimbabwe
after the registrar of companies approved the change of its corporate
identity as part of efforts to spur growth.
The Nedbank Group is the fourth largest bank in South Africa by market
share and customer numbers.
Nedbank Zimbabwe business manager Wellington Ncube told this publication
that the bank’s name change coincides with the rolling out of a new
banking system across the country called Flex, whose server is sitting in
Cape Town. He said this seals the transformation of the commercial bank.
“We have crossed over very well. We have rolled out a new banking system,
with the server sitting in Cape Town,” Ncube said on the sidelines of a
tobacco farmers meeting held in the capital this week.
“MBCA is now Nedbank Zimbabwe from today (Monday this week).
“We are now wholly-owned by Old Mutual PLC. What you are going to see is
that all products in South Africa, we are also going to offer here. What
you see when you enter South Africa, is exactly what you are going to see
In a statement accompanying the bank’s latest financial results, published
last week, board chairperson Willard Zireva said: “(The re-branding is) an
effort to leverage on the benefits from Nedbank Group brand equity. The
re-branding will also position the bank appropriately against other
international and regional banks operating in the Zimbabwean market.”
– The Financial Gazette