NMB Bank Limited is a registered commercial bank and the principal subsidiary of NMBZ, a Zimbabwean based investment holding company listed on the Zimbabwe Stock Exchange.
NMB Bank (formerly National Merchant Bank of Zimbabwe) was established in October 1992 by a group of Zimbabwean entrepreneurs who had previously held senior positions in reputable international financial institutions such as the World Bank and the International Finance Corporation. The impetus for the creation of NMB Bank came from the liberalisation of the Zimbabwean economy and financial sector in the early 1990s.
The Bank was registered as an accepting house under the Banking Act in May 1993. Continued growth created the opportunity for a public floatation of the NMBZ Group. In early 1997, NMBZ was listed successfully on the Zimbabwe Stock Exchange and simultaneously admitted to the official list of the London Stock Exchange. The public offer was 4.5 and 2 times oversubscribed in Zimbabwe and London respectively. The Bank was granted a commercial banking licence on 6 December 1999.
In June 2010, following the adoption of a multicurrency regime in Zimbabwe, the Bank undertook a rights issue to raise US$10.3 million. The rights issue was fully underwritten by African Century Financial Services Investments LLP, an investment partnership based in the United Kingdom. This resulted in African Century acquiring a 25% stake in the Bank, which was later reduced to 18.25%.
In 2012, NMB Bank invited three institutional investors namely FMO (Netherlands), Norfund (Norway) and AfricInvest (Mauritius) to participate in a share placement for a collective additional capital of $14.8 million which resulted in the three strategic foreign investors collectively owning 27% of the Bank.
In 2016, FMO, Norfund and Rabobank consolidated their investments in financial institutions in Africa into an investment company called Arise. This made Arise the second largest shareholder in NMB Bank at 17.11%.
In the year 2014, the Bank made a strategic shift by broadening the market segments to embrace the mass market and a specific focus on SMEs, leveraging on technology. This new strategic thrust has put the Bank on a growth trajectory while at the same time fostering financial inclusion and supporting the developmental aspirations of Zimbabwean entrepreneurs.