CBZ Holdings Limited has sealed an agreement to acquire a 31,2 % stake in First Mutual Holdings Limited held by the National Social Security Authority (NSSA).
In a statement on Thursday, CBZ Holdings Limited said, ‘Further to the cautionary statements issued on 30 May 2021, 28 July, 1 September and 5 October, the directors of CBZ Holdings Limited wish to advise shareholders that, following conclusions of negotiations, the company has now executed an agreement for the acquisition of 31.22% shareholding in First Mutual Holdings from the National Social Security Authority (NSSA).”
The sale is part of CBZ’s ambitions to extend its influence in the financial services market. CBZ, Zimbabwe’s biggest bank by assets, accounts for 31% of all bank loans in the country, according to RBZ data.
The First Mutual deal is CBZ’s biggest acquisition of another financial institution since it bought Beverley Building Society in 2007.