AAG boss Chamu Chiwanza leads consortium eying Barclays’ Dolphin house

Source: AAG boss Chamu Chiwanza leads consortium eying Barclays’ Dolphin house | The Financial Gazette September 1, 2016

A CONSORTIUM of businessmen led by Affirmative Action Group (AAG) president, Chamu Chiwanza, is eying Dolphin House in Harare’s central business district.The 10 storey building valued at about US$4,2 million, is owned by Barclays Bank Zimbabwe, which placed it on sale this month.

The bank’s managing director, George Guvamatanga, confirmed the sale.

“It is now outside our core business and with the move from brick and mortar to digital and electronic channels, we no-longer require the building,” he said.

Barclays Bank Zimbabwe last year announced that it would be disposing some of its assets as it restructures its portfolio.

This month the bank said it was also still in negotiations with potential buyers of its 50 percent stake, worth US$14,6 million, in tourism concern Makasa Sun, which is also outside its core business.

A letter seen by the Financial Gazette dated August 26, 2016 to Guvamatanga, signed by Chiwanza reads: “We are a consortium of businessmen interested in buying  Dolphin House, which we are aware is in your property portfolio. Our proposal is we pay US$4 000 000 (four million dollars) in United States currency. From that we subtract five percent commission for the people who have facilitated for us to pursue the transaction.”

The letter was also copied to Barclays Bank chairman, Anthony Mandiwanza.

Contacted for comment, Chiwanza confirmed writing the letter.

The bank registered a US$3,3 million profit in the half year to June 30 2016, up from US$1,3 million recorded in prior comparable period on the back of a 12 percent growth in net interest income.

Guvamatanga, said the increase in net interest income to US$8,9 million from US$7,9 million had been driven by customer loans as well as advances.

“Net fee and commission income saw an increase of 7,9 percent. Net operating income also grew by 14,6 percent. This was primarily driven by growth in transactional volumes as well as stronger performance registered in treasury products,” he said.

The United Kingdom-based Barclays Plc subsidiary also recorded faster growth in deposits and controlled loan facility utilisation by its customers which saw a decline in the loan to deposit ratio from 62 percent to 47 percent.


  • comment-avatar

    Chamu you Fronting for the big sharks thru PC maiwana kupi mari yese iyoyo wht viable bussiness do u hav besides being Gay ….which business people besides ana PC nana Mupfumi e Zanu thugs..

  • comment-avatar
    Tino Mhofu 6 years ago

    Well done Chamu, you continue to shine for this generation. Despite your achievements, you continue to commit both time and resources to mentor thousands of entrepreneurs around the country. I remember your first business and it is encouraging to see how much you have grown over the years, now you own a fleet of cars and mansions in Harare.

  • comment-avatar
    Sibusiso Ndlovu 6 years ago

    I do not understand where the name calling and mud slinging is coming from. It is really sad that instead of building each other up we are busy tearing each other apart. I dont get how calling Chamu names will better your life @Zim Mafia. Your comments are the reason why Zimbabwe is backward, we attack anyone who is wealthier or more blessed than us. Your insinuations clearly show that you are making comments about things you do not know about. Chamu has been in business for a long time thats why the ZNCC, IODZ, World Bank etc have recognized him in the past. I watch Simba Savannah every Sunday on ZTV and this guy is doing wonderful things to try and bring new entrepreneurs up. Why cant we celebrate our own nhai?