Afrasia Bank Zimbabwe Limited has appointed former Tetrad Bank managing director Mr Tineyi Mawocha as the managing director for its rebranded flagship banking unit with effect from 6 January 2014. The appointment follows closely on the heels of the successful extraordinary meeting of the parent company AfrAsia Zimbabwe Holdings Limited which ushered in the rebranding of the group and its subsidiaries.
AfrAsia Bank Zimbabwe traded as AfrAsia Kingdom Bank prior to rebranding.
Kingdom Bank Limited and Kingdom Asset Management were rebranded to AfrAsia Zimbabwe Holdings Limited, AfrAsia Bank Zimbabwe Limited and AfrAsia Capital Management (Private) Limited respectively whilst MicroKing Finance retained its name for strategic reasons.
AfrAsia was until now being led by Mr Sylvester Dendere as Acting MD following the resignation in March of former substantive MD Francois Molife’s resignation not long after the parent group restructured its board following the acquisition of a 35 percent stake in the diversified financial services group by Mauritius-based AfrAsia Bank Limited in a US$9,5 million deal.
Mr Mawocha holds masters degrees in Development Finance from University of Stellenbosch, Business Administration from University of Zimbabwe and a Higher National Diploma in Hotel and Catering Management.
His banking career started off at Standard Bank South Africa where he rose to the position of Standard Bank Swaziland chief executive officer from 2005 to 2012.
Prior to this position he held the positions of director branch network, Gauteng Province and area business manager, south east Gauteng Province (RSA) both positions in Standard Bank South Africa.
In October 2012 he returned to join Tetrad Bank as managing director, a position he left to join ABZL.
Prior to his banking career Mr Mawocha had a successful hospitality career that saw him rise to the top in this field as CEO for Innscor East Africa based in Nairobi, Kenya.
Commenting on the development, the group CEO Mrs Lynn Mukonoweshuro said, “We welcome Mr Tineyi Mawocha to the AZHL and to the helm of AfrAsia Bank Zimbabwe Limited. We look forward to gaining from his varied experience.”
Mr.Sylvester Dendere who has been acting in the capacity of managing director has retained his position as deputy MD for the bank.
“Mr Mawocha and Mr Dendere are expected to steer the bank forward as we endeavour to bank differently in our market in 2014 onwards,” said Mrs Mukonoweshuro said in a statement yesterday.
To that end, AZHL has received considerable support from its shareholder Mauritius registered AfrAsia Holdings Limited to support local operations in the wake of economy wide liquidity crunch that has left many local banks struggling to meet their daily financial obligations.
The bank received in excess of US$25 million in lines of credit and liquidity support guarantees and is in the process of raising US$20 million, US$5 million through a rights issue and US$15 million, through private placement as it targets US$100 million eventually to meet regulatory requirements.
The group is targeting a turnaround of fortunes after floundering to a US$16,1 million after tax loss for the 18 months to June 2013 largely weighed down by non-performing loans on the books of the banking unit.
AZHL says it is starting on a new slate after fully provisioning for the bad loans.