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Metbank

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Metbank
Company typePrivate
IndustryFinancial services
Founded1999; 25 years ago (1999)
HeadquartersHarare, Zimbabwe
Key people
Darlick E. Marandure
(Chairman)
Belmont Ndebele
(Managing Director)
Products
RevenueIncreaseUS$660,288 (2016)[1]
Total assetsUS$200.7 million (2016)[1]
Number of employees
251 (2018)[2]
Websitewww.metbank.co.zw

Metbank, formerly known as Metropolitan Bank of Zimbabwe, is a commercial bank in Zimbabwe. It is licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator.[3]

Location

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The headquarters and main branch of Metbank are located in Metropolitan House, at 3 Central Avenue, in Harare the capital and largest city of Zimbabwe.[2] The geographical coordinates of the bank's headquarters are: 17°49'31.0"S, 31°03'02.0"E (Latitude:-17.825278; Longitude:31.050556).[4]

Overview

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Metbank serves large corporations, small to medium enterprises (SMEs), as well as individuals. The bank partners with MasterCard to issue debit and credit cards. As of December 2016, Metbank was a medium-sized financial services provider, with an asset base of US$200.7 million, with shareholders' equity of US$55.9 million.[1]

Metbank Limited has been involved with the introduction of digital banking, branchless banking, and internet banking and agency banking, while keeping the number of brick-and-mortar branches low. As of February 2018, Metbank had a network of banking agents numbering over 150, both inside and outside Zimbabwe. Many of these agents are women and youth, who otherwise would be unemployed.[5]

Ownership

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According to the website of the Reserve Bank of Zimbabwe, the major shareholders in the stock of the bank include the following:[2]

Shareholding in Metbank
Rank Shareholder Percentage Ownership
1 Loita Finance Holdings Limited 60.00
2 Blisford Investments Private Limited 10.00
3 Crudge Investments Private Limited 10.00
4 Metropolitan Bank Trust 7.20
5 Rhinemead Investments Private Limited 6.40
6 Knopfler Investments Private Limited 2.80
7 Equestrian Trading Private Limited 2.80
8 CAI Pension Fund 0.80
Total 100.00

Branch network

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as of January 2021, Metbank maintains a network of branches at the following locations:[6]

  1. Main Branch: Metropolitan House, 3 Central Avenue, Harare
  2. Bulawayo Branch: Meikles Building, Corner Jason Moyo/ Leopold Takawira Bulawayo
  3. Gweru Branch: Shop No. 1 & 2 Bahadaur Centre, Main Street, Gweru
  4. Mutare Branch: Shop 1, Zimre Centre, Corner of Herbert Chitepo Street and 5th Street, Mutare

Governance

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The chairperson of the bank's board of directors is Dr. Linda Chipunza, a non-executive director. The managing director is Belmont Ndebele.[7]

See also

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References

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  1. ^ a b c Charles Rukuni (3 April 2017). "Metbank Zimbabwe profit doubles". Harare: Zimbabwe Insider. Retrieved 15 May 2018.
  2. ^ a b c Reserve Bank of Zimbabwe (15 May 2018). "Profile of Metbank Limited". Harare: Reserve Bank of Zimbabwe. Retrieved 15 May 2018.
  3. ^ Reserve Bank of Zimbabwe (15 May 2018). "List of Registered Banking Institutions". Harare: Reserve Bank of Zimbabwe. Retrieved 15 May 2018.
  4. ^ "Location of the Headquarters of Metbank Limited, 3 Central Avenue, Harare" (Map). Google Maps. Retrieved 15 May 2018.
  5. ^ Vhurundiya, Tapiwa (1 February 2018). "Metbank 'branchless' banking sets new tone for innovative banking". Bulawayo: Bulawayo24.com. Retrieved 15 May 2018.
  6. ^ Metbank Limited (15 May 2018). "The Branch Network of Metbank Limited". Harare: Metbank Limited. Retrieved 15 May 2018.
  7. ^ "Board of Directors". Metbank. Retrieved 15 January 2022.
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