CBZ, ZB merger triggers top level layoffs

By Marshall Bwanya

Harare – The merger between CBZ Holdings and ZB Bank has led to a significant restructuring within the combined financial institution, resulting in the termination of 13 top-level executives.

In a statement released over the weekend, CBZ Holdings Group Chief Executive Officer, Lawrence Nyazema, announced that the restructuring would affect all companies under the umbrella of the blue-chip financial institution.

Nyazeme explained that the move is part of a broader strategy to strengthen CBZ Holdings’ market position and ensure its long-term sustainability in the dynamic financial landscape.

“CBZ Holdings is embarking on a restructuring exercise across its group of companies, aimed at aligning the Group’s strategic thrust with the evolving business environment.

“This move is part of our broader efforts to strengthen our market position and ensure long-term sustainability in our dynamic market,” said Nyazeme.

CBZ Holdings’ first phase of the restructuring will see 13 senior executives depart the company on garden leave starting October

“The executives will go on garden leave starting 1 October 2024, with mutual termination of their contracts expected by 31 December 2024,” the company said.

Their contracts are expected to be mutually terminated by the end of December 2024.

CBZ Holdings, which also holds a majority stake in First Mutual Holdings, last year received a mandatory offer to purchase the remaining minority shares whose publication hinged on approvals from both the Zimbabwe Stock Exchange and the Competition Tariff Commission (CTC).

Nyazema emphasised that CBZ Holdings restructuring is aligned with its commitment to fulfilling obligations and delivering high-quality service to its customers.

“By streamlining our operations, managing costs effectively, and sharpening our strategic focus, we are better positioned to serve our clients and stakeholders more efficiently.
“We are committed to continually improving our business processes and adapting to the changing needs of the market to ensure continued growth and success,” said Nyazema.

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