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About Us

CABS is an established and strong brand name in the financial retail market in Zimbabwe. The Society offers a diverse range of financial products and services that includes transaction and savings accounts, mobile banking, mortgage loans, money market investments, term deposits and pay-roll loans.

These are delivered through the largest branch network in the country which is linked to CABS on-line real time banking system.

Our Stakeholders

CABS is a subsidiary of Old Mutual Zimbabwe, Zimbabwe's largest life assurance organization. Old Mutual Zimbabwe is in turn a subsidiary of Old Mutual PLC - an international financial services conglomerate.

Corporate Governance

CABS is committed to the practice and maintenance of the highest standards of corporate governance. To this end CABS works within the framework of the Combined Code on Corporate Governance and Best Practice implemented through the offices of the Board of Directors.

The Board, consisting of both executive and non-executive directors, monitors financial and operational performance through regular meetings.

Through the disciplined implementation of internal controls and systems, CABS ensures accountability and accuracy in the preparation and presentation of its financial statements. In addition, internal and external committees meet regularly to monitor and report on a number of issues deemed to be in the interests of sound corporate governance.

These include, an Independent Board Audit Committee, a Board Loans Review Committee, Board Credit Committee, a Board Risk & Compliance Committee, an Executive Committee (EXCO), an Asset & Liability Committee and a Management Credit Committee.

Vision

'We will be a world class provider of secure, innovative and profitable financial services delivered by motivated staff for delighted clients'.

Global Credit Rating

The following report provides a synopsis of CABS credit rating as prepared by Global Credit Rating Co.

Security Class Rating Expiry Date Rating Watch Previous rating
Long Term A+ 09/2015 YES A+

Rating rationale
The rating is based on the following key factors:

    1. The Society’s established brand and leading market position in Zimbabwe, coupled with the strong ties and ability to leverage off its parent was favorably considered.
    2. CABS remains well capitalized, receiving strong financial backing and support from Old Mutual Zimbabwe.

Board of Directors

 

    • Dr. L.L. Tsumba (Chairman)
    • J. Mushosho (Deputy Chairman)
    • L.E.M Ngwerume
    • B.L. Nkomo
    • D.L. Stephenson
    • R.C.D. Chitengu
    • B. Zamchiya
    • D.E.B. Long
    • W. Alberts
    • A.E. Siyavora
 

Senior Management

Name Position
S Hammond Managing Director  
M Mpofu Deputy Managing Director
E Chibvuri Head of Retail Banking
M Mukonoweshuro Chief Finance Officer
J Jabangwe Head of Operations
C Ndoro Head of Corporate Banking
E Mujekenyeki Head of Risk Management
J Mapiye Corporate Treasurer
F Machawira Head of Compliance
M Nyathi Marketing Executive
P Kudakwashe Head of Credit 
   

Corporate Social Responsibility

CABS is mindful of the community in which it operates and has made corporate social responsibility an integral part of the business. To this end CABS is involved in a number of activities that uplift the livelihoods of many within the Zimbabwean communities. These include:

    • Community
    • Education
    • Arts and Culture
    • Sport

Careers

Currently there are no job openings, follow the news on the latest vacancies available at CABS.

Financial Overview

Old Mutual

About the Old Mutual Group

Who we are

We provide investment, savings, life assurance, asset management, banking and property & casualty insurance in Africa, Europe, the Americas and Asia. We have over 16 million customers and approximately 57 000 employees.

Our Vision

Our vision is to be our customers' most trusted partner - passionate about helping them achieve their lifetime financial goals.

Our History

Founded in 1845, we have expanded from our origins in South Africa through organic growth and strategic acquisitions. We have been listed on the London and Johannesburg stock exchanges, among others, since 1999.

Our Brands

We operate through market-leading international and local brands including Old Mutual, Nedbank and Mutual & Federal.

Our Strategy

Growing and transforming our business to lead in a responsible and sustainable way:
    • In South Africa we will be the leading and most trusted financial services Group through driving increased alignment between Old Mutual South Africa, Nedbank and Mutual & Federal
    • In the Rest of Africa we will continue towards becoming an African Financial Services Champion while growing our other emerging market businesses.
    • In the UK we will build the best Retail Investment business through growing and transforming Old Mutual Wealth.
    • In the US we will continue to improve and grow our multi-boutique asset management business.
    • Across the Group we will become the leader in Responsible Business
We maintain a strict criteria for keeping businesses within the Group. They are required to:
    • Operate within our capital and risk requirements
    • Be capable of achieving 15% ROE
    • Add value to another part of the Group
    • Be capable of creating future value for shareholders  

How we operate

Responsible business

To be our customers' most trusted partner we need to be responsible in all our daily decisions and actions. This is why we are committed to being a responsible business in each of the markets in which we operate. We express this through our application of the five pillars of responsible business, through our corporate values and our interaction with our stakeholders:

    • Responsible to our customers
    • Responsible investment
    • Responsible to our employees
    • Responsible to our communities
    • Responsible environmental management 
Regulatory

We pursue value by balancing the risk assumed with the capital required andview good governance as a vital ingredient of operating a successful business.
As a Group we are governed by the EU solvency regulations and our local businesses are governed by the regulatory bodies of the country in which they operate. At 31 December 2013, we had an FGD surplus of £2.1 billion and liquidity of £1.3 billion. For the year ended 31 December 2013, Old Mutual reported adjusted operating profits before tax of £1.6 billion (on an IFRS basis) and funds under management from core operations of £294 billion.

Our values and people

Key to delivering this strategy is adhering to our core values and continuing to invest in our people as we embrace the richness of cultures across the Group.

  • Accountability
  • Integrity
  • Respect
  • Pushing beyond boundaries

We bring these together through ACT NOW!

    • Aim high and take your team with you
    • Customer first - they're the reason we're here
    • Treat the business like it's our own
    • Need to listen carefully and talk honestly
    • Own our decisions - decide and deliver
    • Win together - help others succeed

Old Mutual Worldwide Description: Old Mutual Worldwide

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