NATIONAL Building Society (NBS) has launched a Corporate and Institutional Banking (CIB) unit as the bank angles to grow its balance sheet by servicing large clients which comes with huge market opportunities.
With a strong footing in housing delivery, NBS has evolved this year to redefine and shift its mandate into ‘Bank, Build and Go Beyond’.
In a speech at the CIB launch cocktail in Harare recently, NBS managing director Tapera Mushoriwa hailed the support of corporates for the success of the new product offering.
“I would like to importantly start by appreciating all the corporates who have believed in the NBS strategic intent and established relationships, including prospective and those that attended the event.
“Your support, the growing business, and market opportunities presented a strong case for establishing a full-fledged CIB.” Mushoriwa said the CIB launch comes as the bank seeks to contribute to the progress and development of Zimbabwe to attain Vision 2030 of a prosperous upper-middle-class economy through National Development Strategy-1 (NDS1).
“As such our Vision is to become the preferred provider of inclusive and affordable financial and housing solutions in Zimbabwe. To this, we have made our mission, our mission to be a customer-oriented bank driven to provide inclusive financial services, affordable housing, and financial solutions for individuals, public, and private sector businesses.
“To this effect, we believe the launching of CIB will ensure the Society meets the national man[1]date and vision of the Society,” he added.
In a speech read on his behalf, Reserve Bank of Zimbabwe governor John Mangudya said NBS’s new thrust to on-board corporate and institutional businesses will help diversify the institution’s funding sources.
“NBS’ realisation of the strategic need for entering the Corporate and Institutional banking space, reflects a deliberate strategy to align the business model to the vision of supporting industrialisation though offering a bouquet of corporate banking products and to enhance stakeholder value in a fast-changing world, thereby ensuring the long-term viability of the institution.
“This strategic thrust to on-board corporate and institutional businesses will strengthen the NBS balance sheet and thus contribute to institutional sustainability.”
NBS launched CIB through a golf tournament and evening launch cocktail event in Newlands Harare. Last year, NBS wound up the Dzivarasekwa Project, which churned 600 units. This year, the bank delivered 200 units in Harare’s Tynwald suburb.
Mushoriwa said the institution has all hands on deck to play its part in helping the country deliver 220 000 housing units by 2025.