Interfin Bank
Encyclopedia
History
The bank was founded in 1999, as Interfin Merchant Bank. In 2009, Interfin Merchant Bank underwrote a rights issueRights issue
A rights issue is an issue of additional shares by a company to raise capital under a seasoned equity offering. The rights issue is a special form of shelf offering or shelf registration. With the issued rights, existing shareholders have the privilege to buy a specified number of new shares from...
of CFX Financial Services Limited
CFX Bank
CFX Bank, whose full name is CFX Bank Limited, a commercial bank in Zimbabwe. It is one of seventeen licensed commercial banks in the country.-History:...
(CFX Financcial), a financial services provider with three subsidiary companies in which it held 100% ownership:
- CFX BankCFX BankCFX Bank, whose full name is CFX Bank Limited, a commercial bank in Zimbabwe. It is one of seventeen licensed commercial banks in the country.-History:...
- A commercial bank - CFX Merchant Bank - A merchant bank
- CFX Asset Management - An asset management company
In 2009, CFX Financial which was formed in 2006, was a publicly traded company on the Zimbabwe Stock Exchange
Zimbabwe Stock Exchange
The Zimbabwe Stock Exchange, or ZSE, is the official stock exchange of Zimbabwe. It has been open to foreign investment since 1993. The exchange has about a dozen members and over 65 listed securities...
. The rights issue was grossly undersubscribed and Interfin Merchant Bank was left with the equivalent of 40% shareholding in CFX Financial, unsold.
As a result, Interfin acquired 40% shareholding in CFX Financial. It then began a series of manouvres to acquire a controlling ownership interest in its new acquisition, through a share swap. The holding company was re-named Interfin Financial Services Limited, to reflect the new ownership. A reverse merger was excecuted whereby Interfin became listed on the Zimbabwwe Stock Exchange under the slot where CFX Financial used to be. The trading symbol for the new bank holding company became: INTERFIN.
Application was then made to the Reserve Bank of Zimbabwe
Reserve Bank of Zimbabwe
The Reserve Bank of Zimbabwe is the central bank of Zimbabwe.-History:The bank traces its history to the Bank of Rhodesia and Nyasaland, founded in March 1956, which in turn was the successor to the Central Currency Board....
and the Zimbabwe Ministry of Financce for Interfin Merchant Bank and CFX Financial to merge. The Zimbabwe Ministry of Finance gave its formal approval of the takeover. Subsequently, the Reserve Bank of Zimbabwe also signaled its approval of the merger of the two institutions.
Ownership
Interfin Bank is a publicly traded company. The shares of stockStock
The capital stock of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors...
of its holding company, Interfin Financial Services Limited are listed on the Zimbabwe Stock Exchange
Zimbabwe Stock Exchange
The Zimbabwe Stock Exchange, or ZSE, is the official stock exchange of Zimbabwe. It has been open to foreign investment since 1993. The exchange has about a dozen members and over 65 listed securities...
, where they trade under the symbol: INTERFIN. An ownership dispute exists, with the former director of ENG Capital Group claiming that assets were illegally acquired by CFX Bank , Interfin Bank's assets were valued at US$144.5 million, with shareholders' equity valued at US$21.2 million.
Braches
, the bank maintains the following net worked branches:- Head Office - 4 Tendeseka Office Park, Samora Machel Avenue, EastleaEastleaEastlea Community School is a comprehensive secondary school in the London Borough of Newham in east London. It educates 11 to 16 year olds in compulsory education and offers a wide range of GCSE subjects, BTEC National Diplomas in Sport and Digital Applications, and early entry A-level courses in...
, HarareHarareHarare before 1982 known as Salisbury) is the largest city and capital of Zimbabwe. It has an estimated population of 1,600,000, with 2,800,000 in its metropolitan area . Administratively, Harare is an independent city equivalent to a province. It is Zimbabwe's largest city and its... - Century Towers Branch - Ground Floor, 45 Samora Machel Avenue, HarareHarareHarare before 1982 known as Salisbury) is the largest city and capital of Zimbabwe. It has an estimated population of 1,600,000, with 2,800,000 in its metropolitan area . Administratively, Harare is an independent city equivalent to a province. It is Zimbabwe's largest city and its...
- Executive Banking Branch - 10 Londonderry Avenue, EastleaEastleaEastlea Community School is a comprehensive secondary school in the London Borough of Newham in east London. It educates 11 to 16 year olds in compulsory education and offers a wide range of GCSE subjects, BTEC National Diplomas in Sport and Digital Applications, and early entry A-level courses in...
, HarareHarareHarare before 1982 known as Salisbury) is the largest city and capital of Zimbabwe. It has an estimated population of 1,600,000, with 2,800,000 in its metropolitan area . Administratively, Harare is an independent city equivalent to a province. It is Zimbabwe's largest city and its... - Social Security Branch - Ground Floor, Julius Nyerere Way, HarareHarareHarare before 1982 known as Salisbury) is the largest city and capital of Zimbabwe. It has an estimated population of 1,600,000, with 2,800,000 in its metropolitan area . Administratively, Harare is an independent city equivalent to a province. It is Zimbabwe's largest city and its...
- Avondale Branch - 18 Lonsdale Road, Avondale, HarareAvondale, HarareAvondale is a suburb of Harare, Zimbabwe, located about north of Harare city centre. It is the earliest suburb established in Harare, having been laid out in 1903. Prior to becoming a suburb Avondale was a dairy farm and was named after Avondale, County Wicklow, Ireland the home of the 19th...
- Avondale Post Office Brach - Avondale Post Office, Avondale, HarareAvondale, HarareAvondale is a suburb of Harare, Zimbabwe, located about north of Harare city centre. It is the earliest suburb established in Harare, having been laid out in 1903. Prior to becoming a suburb Avondale was a dairy farm and was named after Avondale, County Wicklow, Ireland the home of the 19th...
- Jason Moyo Branch - 100 Jason Moyo Street, Ascot, BulawayoBulawayoBulawayo is the second largest city in Zimbabwe after the capital Harare, with an estimated population in 2010 of 2,000,000. It is located in Matabeleland, 439 km southwest of Harare, and is now treated as a separate provincial area from Matabeleland...
- Mutare Branch - 2A Ground Floor, Fidelity Life Centre, Herbert Chitepo Street, MutareMutareMutare is the fourth largest city in Zimbabwe, with a population of around 170,000. It is the capital of Manicaland province.-History:...
- Masvingo Branch - Old Mutual House, Robert Mugabe Street, MasvingoMasvingoMasvingo is a town in south-eastern Zimbabwe and the capital of Masvingo Province. The town is close to Great Zimbabwe, the national monument from which the country takes its name.- History :...
- Kariba Branch - 23 Msasa Drive, Kariba Heights, KaribaKariba, ZimbabweKariba is a town in Mashonaland West province, Zimbabwe, located close to the Kariba Dam at the northwestern end of Lake Kariba, near the Zambian border. According to the 1992 Population Census, the town had a population of 20,736....
- Nyamhunga Branch - 625 Nyamhunga Shopping Centre, KaribaKariba, ZimbabweKariba is a town in Mashonaland West province, Zimbabwe, located close to the Kariba Dam at the northwestern end of Lake Kariba, near the Zambian border. According to the 1992 Population Census, the town had a population of 20,736....
- Ngezi Branch - Ngezi Shopping Center, KaribaKariba, ZimbabweKariba is a town in Mashonaland West province, Zimbabwe, located close to the Kariba Dam at the northwestern end of Lake Kariba, near the Zambian border. According to the 1992 Population Census, the town had a population of 20,736....
See also
- CFX BankCFX BankCFX Bank, whose full name is CFX Bank Limited, a commercial bank in Zimbabwe. It is one of seventeen licensed commercial banks in the country.-History:...
- Reserve Bank of ZimbabweReserve Bank of ZimbabweThe Reserve Bank of Zimbabwe is the central bank of Zimbabwe.-History:The bank traces its history to the Bank of Rhodesia and Nyasaland, founded in March 1956, which in turn was the successor to the Central Currency Board....
- Zimbabwe Stock ExchangeZimbabwe Stock ExchangeThe Zimbabwe Stock Exchange, or ZSE, is the official stock exchange of Zimbabwe. It has been open to foreign investment since 1993. The exchange has about a dozen members and over 65 listed securities...
- Economy of ZimbabweEconomy of ZimbabweThe economy of Zimbabwe has shrunk significantly after 2000, resulting in a desperate situation for the country and widespread poverty from among others 94% unemployment. The participation from 1998 to 2002 in the war in the Democratic Republic of the Congo set the stage for this deterioration by...
- List of banks in Zimbabwe