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Marketing Finacial Services

In: Business and Management

Submitted By thesis1
Words 14699
Pages 59





1. Introduction
Zimbabwe’s financial sector is relatively sophisticated and consists of the Reserve Bank of Zimbabwe (RBZ) at the apex of banking institutions, commercial banks (e.g. CBZ, NMB, FBC, ZB, MBCA, Kingdom, Trust, Stanbic, Barclays, Chanchart), merchant banks, building societies (e.g. CABS, CBZ building society, FBC building Society etc), the People’s Own Savings Bank (POSB), insurance companies (e.g ZIMNAT, NICOZ DIAMOND, Old Mutual, First Mutual, Nyaradzo), pension funds (e.g Allied workers pension fund, NRZ pension fund), asset management companies (Imara and Edwards), developmental financial institutions, the Zimbabwe Stock Exchange (ZSE), microfinance institutions (e.g MicroKing) and money transfer agencies (e.g Western Union, Moneygram, Homelink).

Discount and finance houses have closed and their functions taken by commercial and merchant banks.

The growth of the financial services sector is largely attributed to the financial liberalization of the early 1990s, through the Economic Structural Adjustment Programme (ESAP).

2. Structure of the banking sector
Number of operating banking institutions (including POSB) declined to 25 from 26 following the voluntary surrender of a banking license by Genesis Investment Bank whilst one merchant bank (Renaissance) converted into a commercial bank.

|TYPE OF INSTITUTION |2003 |2008 |2009 |2010 |2011 |2012 |
|Commercial Banks |13 |15 |17 |15 |17 |18 |
|Merchant Banks |5...

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