Kingdom Bank dishes out SA Rands
HARARE, March 29, 2011 - TOP flight commercial entity, Kingdom Bank Limited (Kingdom), founded and owned by international banking tycoon, Nigel Chanakira, has become the first commercial bank in Zimbabwe to dish out South African Rands.
The SA Rands are, however, only available to customers using Automated Teller Machines (ATMs) in Bulawayo and Beitbridge.
"Consistent innovation is part of our pledge to you, that is why we are bringing you a development that is the first of its kind in Zimbabwe," a Kingdom Bank spokesperson said.
"We are now offering account holders in Bulawayo and Beitbridge only, an ATM that dispenses your cash in SA Rand."
Kingdom began flighting advertisements in major newspapers informing its clients about the latest product.
Shareholders were also told that the tiff between John Moxon majority shareholder of the wealthy Meikles Africa Limited (MAL) and their major shareholder, Chanakira, was now over after the two bosses had swapped shares after agreeing on the rate.
Chanakira, founder of the Kingdom Financial Holdings Limited (KFHL), had a major difference with Moxon resulting in them going separate ways.
The Group had changed its name to Kingdom Meikles Africa Limited (KMAL) making it the largest capitalised and diversified firms listed on the Zimbabwe Stock Exchange (ZSE).
The two have now gone separate ways and Chanakira is soon to bounce back as Group Chief Executive of a rebranded KFHL.
KFHL is preparing its listing documents scheduled for the first quarter of the year with Chanakira bouncig back as Group CEO replacing current boss, Lynn Mukonoweshuro.
The female businesswoman held the fort while Chanakira had a short flirtation on the Seventh Floor at 99 Jason Moyo Avenue, the Meikles Africa Limited (MAL) Head Office, before the tiff with Moxon.
Insiders said Moxon who had fled to South Africa after being accused of externalisation by President Robert Mugabe's government, was now back in the country to take over at MAL.
The charges against him are understood to have been dropped after the "golden handshake" deal with tycoon, Chanakira.