Kingdom Bank boss steps down

Published: 10 June 2013

Kingdom Bank Limited's managing director, Mr Francoise Molife, has resigned.

In a statement released yesterday, AfrAsia Kingdom Limited announced the departure of Mr Molife from the bank to pursue personal interests.

"Please take note that Mr Francoise Molife has resigned as managing director for Kingdom Bank Limited with effect from March 15 2013. The board wishes Mr Molife the best in his endeavours," AKLZ said.

Mr Sylvester Dendere, who was the deputy managing director, will replace Mr Molife as acting MD.

Mr Molife's resignation comes at a time when the group had restructured the board following the acquisition of a 35 percent stake in the diversified financial services group by Mauritius-based AfrAsia Bank Limited in a US$9,5 million deal.

The group, which has plans to expand in the continent, said the move would help embrace diversity and achieve the goal to penetrate emerging markets with a global focus.

AKZL is an investment holding company with interests in the financial services sector.

Its flagship subsidiary, Kingdom Bank Limited's restructured board comprises Mr Charles Wawn as the chairperson, Mrs Lynn Mukonoweshuro the group chief executive, Mr Francoise Molife the managing director while Mrs Sibusisiwe Bango, Mr Nigel Chanakira, Mr James Benoit, Mr Kamben Padayachy, Mr Brian Fredrick, Rickard and Mr Sure Kamhunga are non-executive directors.

Kingdom Bank's return to profitability was instrumental in the US$3,2 million profit registered by AKZL in the year to December 31 2012.

KBL posted a US$1 million profit from a loss of US$1,6 million in the prior year while loans and advances made by the bank rose to US$132 million from US$116 million in 2011.

Total bank deposits were up 30,7 percent to US$4,4 billion compared to the previous year.

The group's exposure to the equities market nearly trebled to US$9 million despite the subdued performance of the Zimbabwe Stock Exchange.
- TH

Tags: Kingdom,