• Mon. Apr 15th, 2024

CBZ launches foundation to protect vulnerable communities

ByEconomic Times

Mar 6, 2023

By ETimes

CBZ Holdings, the country’s leading financial products and service provider, has just unveiled a charity foundation to help drive social inclusion, empower the marginalised and alleviate poverty.

As a primary endowment, the bank has committed US$1 million to the CBZ Foundation.

“So, what you are seeing here is the formalisation of some of the activities that we are already doing to make it more structured. The key focus areas are things like education, health and vulnerable societies, which is kind of a broad area, but the motivation really is to try and structure our giving so that we can even attract other companies to leverage on the CBZ Foundation,” CBZ group chief executive Blessing Mudavanhu officer told reporters in Harare.

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“So, in terms of numbers, as a start, we are saying we will give about 1% of our total profit. Roughly, we could say about US$1 million as a start, but certainly this does not take into account some of the funds that we are going to attract into this basket.”

He said the philanthropic unit will support communities through initiatives that align with the group’s vision and the country’s development and strategic goals.

The foundation’s three critical pillars include health, education and vulnerable communities.

CBZ closed Thursday trading at $147.09 per share on the Zimbabwe Stock Exchange (ZSE), recording a 5.3% drop from its previous closing price of $155.38. CBZ began the year with a share price of $135.00 and has since gained 8.96% on that price valuation, ranking it 34th on the ZSE in terms of year-to-date performance.

CBZ Holdings is the 33rd most traded stock on the local bourse over the past three months (Nov 29, 2022–Mar 2, 2023) – Harare

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