AfrAsia Bank injects $9,5 million in Kingdom Financial Holdings

  • Posted 11 Jun 2012
AfrAsia Bank injects $9,5 million in Kingdom Financial Holdings

Kingdom Financial Holdings Limited (KFHL) has been renamed to AfrAsia-Kingdom Zimbabwe Limited following the recent investment of $9,5 million by AfrAsia Bank.

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 (photo) 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.”