Home Business Mubayiwa Appointed Standard Chartered Zimbabwe CEO

Mubayiwa Appointed Standard Chartered Zimbabwe CEO

by reporter263
Britain’s Standard Chartered Bank Bails Out Zimbabwe Government

Mubaiwa Mubayiwa

Standard Chartered Zimbabwe has named Mubaiwa Mubayiwa as CEO, replacing Ralph Watungwa, who leaves after ‘misconduct’ allegations.

He was Head of Corporate Commercial and Institutional Banking previously.

At a time Stanchart plc is exiting Zimbabwe and other markets, bank says Mubayiwa’s appointment is “critical in ensuring a smooth transition of the process”

Ralph Watungwa was suspended on allegations of abuse of a foreign currency auction run by the central bank, as well as improperly authorising renovations at buildings owned by the bank.

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StanChart’s local unit is the oldest financial institution in Zimbabwe, founded in 1892 in a tent in Bulawayo two years after an expedition backed by Cecil John Rhodes set up a presence in the country, then as Southern Rhodesia.

The London-based lender now has 390 employees in the country with a head office in the capital, Harare, and competes with local and SA banks.

After 130 years in the country, Standard Chartered is leaving Zimbabwe. The group has announced it is exiting a number of operations around the world, including Zimbabwe, to cut costs.

The bank said in a statement on Thursday that it will leave Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe. Standard Chartered will also close its retail banking units in Tanzania and Ivory Coast, to focus only on corporate banking.

In Zimbabwe, the bank had already significantly cut its branch presence to focus on digital services.

Standard Chartered is the oldest financial institution in the country, having first set up in 1892 as Standard Bank in Bulawayo. In 1969, the bank was forged from the merger of Standard Bank and Chartered Bank. It was fully incorporated in Zimbabwe in 1983.

The group will now look to find a buyer for the bank. In June 2021, StanChart Zimbabwe had assets of Z$17.8 billion. The bank accounts for just 3.25% of all bank loans on the market, according to central bank data.

In 2019, StanChart was fined US$18 million by the US government for violating American sanctions on Zimbabwe by handling transactions for state-owned firms and sanctioned individuals.

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