1. EXECUTIVE SUMMARY
Kingdom Financial Holdings was founded in 1995 when its founder members established Kingdom Securities Limited, Kingdom Asset Management and Kingdom Asset management all duly registered as a discount house, asset manager and member of the Zimbabwe Stock Exchange respectively. In 1997 Kingdom Bank Limited and Kingdom Asset Management were registered as an Accepting House and Manager of Collective Investment Schemes respectively. In 1999, Kingdom Financial Holdings merged with Discount Company of Zimbabwe Holdings Limited resulting in the reverse listing of the Group on the Zimbabwe Stock Exchange and changed its name to Kingdom Financial Holdings while Meikles Africa Limited acquired 25% of its issued share capital. In 2000, Kingdom Bank Limited converted its merchant banking license to a commercial bank. In 2000, Kingdom Financial Holdings was voted the top company on the Zimbabwe Stock Exchange. The following year the Company initiated its regional expansion strategy through the acquisition of 25% equity stake in Investrust Merchant in Zambia, an investment which was sold in 2004.
In 2002, Kingdom Financial Holdings was involved in the formation of FDH Limited (Malawi) where it held a 25.1% stake. In the same year Kingdom bank Africa Limited was licenced by Bank of Botswana while Kingdom Financial Holdings also implemented a Z$1.5billion rights offer required to fund the expansion strategy and launched microfinance operations through Microking. In 2005, the company implemented the second rights offer to raise Z$100 billion and a third one for Z$1,5 trillion the following year to support its expansion strategy. In 2006 Kingdom Financial Holdings increased its stake in First Discount House, Malawi to 40.16%. The following year, Kingdom Financial Holdings merged with Meikles Africa Limited, Tanganda Tea Company Limited and Cotton Printers (Private) Limited to create the largest conglomerate on the Zimbabwe Stock Exchange, Kingdom Meikles Africa Limited. When it became apparent that the anticipated benefits of the merger were unlikely to materialize, the principal shareholders approved the demerger of Kingdom Financial Holdings through a structure involving a dividend in specie in 2009.Now Kingdom Financial Holdings wishes to pursue its growth strategy as an independent and diversified financial services group. Subsidiaries
Kingdom Bank LimitedCommercial bankZimbabwe
Kingdom Stock brokers (Private) LimitedStockbrokerZimbabwe Kingdom Asset Management (Private) Limited Asset ManagerZimbabwe Microking Savings and credit (Pvt) Limited Microfinance LenderZimbabwe FDH Bank LimitedCommercial BankMalawi
FDH Discount House LimitedDiscount HouseMalawi
Kingdom Bank Africa LimitedOffshore bankBotswana
Kingdom Finance (Proprietary) LimitedMicrofinance LenderBotswana Corporate Structure
To be the number one provider of financial service in our chosen market.
We create opportunities for wealth creation through secure and innovative financial solutions.
Kingdom Financial Holdings Values
Communication – Asserting our position through timely provision of relevant and adequate information. Respect – Honouring and acknowledging the diversity and uniqueness of individuals. Integrity – Upholding the virtue of absolute honesty in our contact. Learning – Continuous personal and organizational development through pioneering and innovation. Teamwork – Each one of us is committed to building winning relationships. Excellence – Attaining and surprising best practice.
Nature of Business
Kingdom Financial Holdings is a financial service provider, providing a wide range of financial services namely retail banking, corporate banking, investment banking, international finances, investment advisory and portfolio management (asset management),...