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==History== ==History==
The bank was founded in 2006, as a 100% subsidiary of '''CFX Financial Services Limited''', its holding company, whose shares trade on the ]. The bank has two (2) affiliated companies: (a) '''CFX Asset Management''' and (b) '''CFX Merchant Bank''', both of which are also 100% owned by the holding company.<ref></ref> In 2009, as a result of changes in Zimbabwean banking laws, '''Interfin Holdings Limited''', acquired a controlling interest in CFX Financial Services. Subsequently, the holding company was re-named '''Interfin Financial Services Limited''', to reflect the new ownership despite negative publicity from the merger http://www.thezimbabwean.co.uk/index.php?option=com_content&view=article&id=34078:money-transfer-giant-sucked-into-cfx-bank-dispute&catid=28:business-news&Itemid=38. The trading symbol for the new bank holding company is: '''INTERFIN'''.<ref></ref> The ] has given formal approval of the takeover of CFX Bank by Interfin.<ref></ref> The ] has also signaled its approval of the merger of the two institutions.<ref></ref>Despite the Goverment approvals Gilbert Muponda through his lawyers Gutu and Chikowero has maintained legal challenge on CFX/Interfin ownership in addition to various opinion articles he has written explaining his challenge http://www.zimbabwemetro.com/news/sternford-moyo-misled-manipulated-by-farai-rwodzi-and-interfin-on-eng-capital-c-%E2%80%93-part-1-of-5/. The bank was founded in 2006, as a 100% subsidiary of '''CFX Financial Services Limited''', its holding company, whose shares trade on the ]. The bank has two (2) affiliated companies: (a) '''CFX Asset Management''' and (b) '''CFX Merchant Bank''', both of which are also 100% owned by the holding company.<ref></ref> In 2009, as a result of changes in Zimbabwean banking laws, '''Interfin Holdings Limited''', acquired a controlling interest in CFX Financial Services. Subsequently, the holding company was re-named '''Interfin Financial Services Limited''', to reflect the new ownership. The trading symbol for the new bank holding company is: '''INTERFIN'''.<ref></ref> The ] has given formal approval of the takeover of CFX Bank by Interfin.<ref></ref> The ] has also signaled its approval of the merger of the two institutions.<ref></ref>


==Ownership== ==Ownership==
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==External links== ==External links==
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Revision as of 04:05, 4 March 2011

CFX Bank
Company typePublic: ZSE: INTERFIN
IndustryFinancial Services
Founded2006
HeadquartersHarare, Zimbabwe
ProductsLoans, Savings, Checking, Investments, Debit Cards, Credit Cards, Mortgages
WebsiteHomepage

CFX Bank, whose full name is CFX Bank Limited, a commercial bank in Zimbabwe. It is one of seventeen licensed commercial banks in the country.

History

The bank was founded in 2006, as a 100% subsidiary of CFX Financial Services Limited, its holding company, whose shares trade on the Zimbabwe Stock Exchange. The bank has two (2) affiliated companies: (a) CFX Asset Management and (b) CFX Merchant Bank, both of which are also 100% owned by the holding company. In 2009, as a result of changes in Zimbabwean banking laws, Interfin Holdings Limited, acquired a controlling interest in CFX Financial Services. Subsequently, the holding company was re-named Interfin Financial Services Limited, to reflect the new ownership. The trading symbol for the new bank holding company is: INTERFIN. The Government of Zimbabwe has given formal approval of the takeover of CFX Bank by Interfin. The Reserve Bank of Zimbabwe has also signaled its approval of the merger of the two institutions.

Ownership

CFX Bank is a publicly traded company. The shares of stock of its holding company, Interfin Financial Services Limited are listed on the Zimbabwe Stock Exchange, where they trade under the symbol: INTERFIN. The five largest shareholders in INTERFIN and thus CFX Bank are:

Interfin Financial Services Stock Ownership
Rank Name of Owner Percentage Ownership
1 Interfin Holdings Limited 32.41
2 Savanna Tobacco Limited 19.10
3 National Social Security Authority of Zimbabwe 17.31
4 Msasa Nominees (Pty) Limited 06.00
5 AFS 04.99
6 Others 20.19
Total 100.00

External links

See also

References

  1. Zimbabwe: Return of Banks Will Lead to Dog Fight - Tetrad
  2. About CFX Bank
  3. Interfin Acquires Controlling Stake in CFX
  4. Government Approves CFX's Takeover By Interfin
  5. Interfin CFX Union Approved
  6. Interfin Financial Services Trades Under Symbol: INTERFIN
  7. Shareholding In Interfin Financial Services
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