CFX Financial Services (CFXFS), the new owners of the Leasing Company of Zimbabwe (LCZ), an erstwhile Century Holdings Limited subsidiary, will follow the new trend and restructure the finance house.
LCZ, a major value driver in Century, offers a variety of asset-backed financing products, mainly lease hire and factoring.
The leasing firm, along with Century Asset Management and Century Bank, were assimilated into CFX, which was listed on the Zimbabwe Stock Exchange (ZSE) on Monday and debuted at $48.
LCZ will, before 30 September, be transformed into a division under Century Bank Limited, which itself will assume the CFX brand.
To date, Stanbic Bank of Zimbabwe, Barclays Bank and Zimbank, have moved to divisionalise their finance houses - Stannic Finance, Fincor and Scotfin respectively - in response to the need to restructure their businesses.
Source: All Africa Global Media
