People's Own Savings Bank

People's Own Savings Bank
Parastal
Industry Financial Services
Founded 1904
Headquarters Harare, Zimbabwe
Key people
 Mathilda Dzumbunu
Chairperson
Admore Kandlela
CEO
Products Loans, savings, investments, debit cards, credit cards, mortgages
Revenue IncreaseAftertax: US$7.9 million (2015)
Total assets US$133.7 million (2015)
Number of employees
 453 (2016)
Website Homepage

People's Own Savings Bank (POSB), is a savings bank in Zimbabwe. It is one of the financial institutions, licensed and supervised by the Reserve Bank of Zimbabwe, the national banking regulator.[1]

Location

The headquarters of the bank are located at the corner of Third Street and Central Avenue, in Harare, the capital and largest city in Zimbabwe.[2] The coordinates of the bank's headquarters are:17°49'27.0"S, 31°03'07.0"E (Latitude:-17.824161; Longitude:31.051949).[3]

Overview

As of 31 December 2015, POSB had total assets valued at US$133.7 million, with $63.81 million in customer deposits and made an after-tax profit of US$7.9 million in the calendar year 2015.[4]

As at September 2015, the bank had over 500,000 savings accounts, maintained 34 brick and mortar branches,[5] operated 220 agency branches through Zimpost, and another 18 agency branches through Meikles Supermarkets. That same month POSB started offering mortgages at 12 percent annual interest, with maximum terms of 10 years.[2][6]

History

POSB was formed in 1904, as the Post Office Saving Bank. In 1999 the People’s Own Savings Bank Act was established as a corporate body in accordance with the People’s Own Savings Bank of Zimbabwe Act. In 2001, the Zimbabwe Posts & Telecommunications Corporation (PTC) was split into four independent entities: (a) Net-One, an Internet service provider, (b) Tel-One, a voice communication service provider (land-line and celular) (c) Zimpost, a postal letter carrier and (d) POSB, a savings bank.[2]

Ownership

The People's Own Savings Bank is 100 percent owned by the Government of Zimbabwe.[7]

See also

References

  1. ↑ RBZ (1 April 2016). "Reserve Bank of Zimbabwe: List of Registered Banking Institutions". Harare: Reserve Bank of Zimbabwe (RBZ). Retrieved 1 April 2016.
  2. 1 2 3 RBZ (1 April 2016). "Reserve Bank of Zimbabwe: People's Own Savings Bank". Harare: Reserve Bank of Zimbabwe (RBZ). Retrieved 1 April 2016.
  3. ↑ Google (1 April 2016). "Location of the Headquarters of People's Own Savings Bank, Harare, Zimbabwe" (Map). Google Maps. Google. Retrieved 1 April 2016.
  4. ↑ ZH (13 May 2016). "Zimbabwe: POSB Records Massive Profit". Zimbabwe Herald. Harare. Retrieved 13 May 2016.
  5. ↑ Mangudhla, Taurai (10 July 2015). "POSB sticks to traditional banking". The Independent (Zimbabwe). Harare. Retrieved 1 April 2016.
  6. ↑ Business Reporter (28 September 2015). "POSB Gets Mortgage Licence". Harare: Zimbabwe Herald. Retrieved 1 April 2016.
  7. ↑ News & Views (June 2014). "People's Own Savings Bank Zimbabwe". Harare: Savings-banks.com. Retrieved 1 April 2016.

External links

This article is issued from Wikipedia - version of the 9/29/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.