Zimbabwe has appointed American banker, Marc Holtzman to the chairmanship of CBZ Holdings.
CBZ Holdings’ banking division CBZ Bank is largely viewed as banker to the Government of Zimbabwe.
In a letter dated August 21, 2019, directed to CBZ chief executive Dr Blessing Mudavanhu, the country’s Finance and Economic Development Minister Mthuli Ncube announced the appointment.
“(T)he President and Government has appointed a new chairman for CBZ Holdings Limited and CBZ Bank Limited with effect from 1 September 2019.
“The new chairman is Mr Marc Holtzman who is an international business person with wide experience globally,” reads part of the letter.
Holtzman has three decades of political and public service in the United States and is former chairman of Meridian Capital HK, a private equity firm with investments in natural resources, real estate, food, agriculture and transportation and Vice Chairman of Barclays among other private sector positions.
Between 1999-2003, he was Secretary of Technology and member of the cabinet in the State of Colorado.
At the same time, he was the Chairman of the Information Management Commission and Chairman of the Governor’s Commission on Science and Technology.
Currently, Holtzman is the Chairman of Board of Directors – JSC Kazkommertsbank in Kazakhstan; member of the Board of Directors – TeleTech Holdings; Chairman of Board of Directors – Bank of Kigali.
The bank was founded in 1980 as the Bank of Credit and Commerce Zimbabwe Limited (BCCZL).
In 1991, BCCZL ran into financial difficulty and faced liquidation. The Zimbabwean Government acquired 100% shareholding in the bank to avert closure of the institution. Following takeover by the government, the bank was renamed Commercial Bank of Zimbabwe Limited.
And in 2004, bank was re-organized and renamed CBZ Bank Limited.
CBZ Bank Limited became a subsidiary of CBZ Holdings Limited, whose shares are traded on the Zimbabwe Stock Exchange.