CBZ denies Gaddafi link but Libyan government owns 14%

He was responding to a question after presenting a report of the commercial institution's strategy for international investors.

CBZ Holdings is currently Zimbabwe's largest banking group with interests in commercial banking, property, insurance and communications. It is currently undertaking a $300 million property spruce up in Harare's Central Business district.

It has the nation's largest depositor base of more than $600 million, an advances book of $444,6 million, controlling 22 percent of total system assets, 28 percent of deposits and 31 percent of advances in Zimbabwe today.

Eye-brows have, however, been raised by the market because after government's control of 16,1 percent of the firm at $110 million, the second highest shareholder is Libyan Foreign Bank (NNR) with a 14,1 percent stake worth $96,6 million on the Zimbabwe Stock Exchange.

CBZ Holdings has a market capitalisation of $123,1 million on the bourse. Its share price currently stands at $0,18.

Other CBZ shareholders are Africa Investments Sub 2 Limited with 13,5 percent worth $92,6 million, National Social Security Authority, CBZ Holdings Limited (8,1 percent), Stanbic Nominees NNR Bank (3,2 percent), Remo Nominees (Private) Limited (3,2 percent), Datvest Nominees (Private) Limited (2,7 percent), Stanbic Nominees (Private) Limited (2 percent) and Bethel Nominees Number Two with a 2 percent stake.

The CBZ CFO refused to inform interested investors how much cash government big wigs, especially from the former ruling party Zanu (PF)S, owed the institution.

He said CBZ was concentrating on diversifying and improving its fee income streams.