Following the recent investment of $9,5 million by AfrAsia Bank, shareholders of Kingdom Financial Holdings Limited (KFHL) have agreed to rename the group to AfrAsia-Kingdom Zimbabwe Limited. This name change has culminated in a re-branding exercise to reflect the co-existence of the AfrAsia and the Kingdom brand into the future.
“AfrAsia Bank Limited's investment - together with the financial support from other shareholders - have enhanced the future of the Group, and also further strengthened its capability to fund new business growth initiatives. There is evidence that the Zimbabwean economy is poised for growth and our strategy remains to be a leading diversified financial services group in the country by working together with AfrAsia Bank to implement growth strategies for the Group,” said Lynn Mukonoweshuro, Group CEO of KFHL.
On the other hand, AfrAsia Bank CEO James Benoit points out: “AfrAsia Kingdom Zimbabwe Limited will form a core part of our regional expansion drive and growth potential of the country’s banking sector. Using our investment in Zimbabwe as a regional launch pad will also provide us with a unique opportunity to expand our franchise in the Southern African Development Community (SADC) region through an established operation and with highly credible local partners.”
Etienne Viard, PROPARCO’s CEO: ”PROPARCO supports AfrAsia’s strategic vision of Mauritius as a value-adding platform for Africa-Asia financial flows, in line with the idea of development of the South-South trade fostered by the AFD Group.”
Councillor Logie Naidoo, Deputy Mayor of Durban (South Africa): “Our business community can only benefit from a new alternative to smart and sophisticated banking by looking at AfrAsia Bank's developed regional outreach and repositioning itself to facilitate cross-border trade and investment flows into Africa and Asia.”
Ian WS Kilbride, Chairman and Chief Executive of The Warwick Group: “ I have been very impressed by AfrAsia Corporate Finance (ACF) and the professionalism that you showed throughout the deal. I am actually even more excited about the future, rather than just this deal in isolation, the future opportunities that we will generate as a business within Warwick now have a young dynamic and professional team that we can utilise and seek advice from. Your style is a refreshing reminder that South Africa does still produce top quality people who are smart and able to see opportunity, rather than just reasons as to why deals should not be done! Thanks again for your attention to detail and I look forward to working with you on many other projects in 2011.”
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