AI Magazine Issue 2 2017

18 Acquisition International - February 2017 Cavmont Bank Ltd’s vision is to be a world class bank rated amongst the best in Zambia with a focus on partnering with all their stakeholders. Following their success in winning the 2016 Banker of the Year Zambia award, we profile their work to provide tailored, convenient banking products and services through their outstanding customer service. avmont Bank Ltd (CBL) is a registered commercial bank in Zambia with more than 50,000 clients and 240 employees. The bank was established on 1st January 2004, following a merger between Cavmont Merchant Bank Ltd, (inc. October 1992) and New Capital Bank Plc., (inc. June 1992). In 2006, the Bank’s holding company, Cavmont Capital Holdings Zambia Plc (CCHZ), sought a strategic investment partner and identified Capricorn Investment Holdings Limited (CIH). CIH acquired a 44.2% shareholding in CCHZ in 2007. Discussions held with the Bank of Zambia to find an acceptable manner to recapitalise Cavmont Bank through a rights issue by CCHZ were concluded successfully, with CIH underwriting the rights issue. Consequently, CCHZ raised additional share capital of more than K15.4 billion in 2007 and the repositioning of Cavmont Bank commenced. Cavmont Bank has 19 branches located in Lusaka (6), Chingola, Ndola, Kitwe (2), Chililabombwe, Mbala, Mpulungu, Solwezi, Chipata, Kasama, Mansa, Mwense and Mufumbwe. Services Cavmont Bank provides corporate, investment, retail banking and community banking services and Company: Cavmont Bank Ltd (CBL) Name: Chilunga Chill Puta Email: ChilungaChill.Puta [email protected] Web: www.cavmont.com.zm Address: Piziya Office Park, Thabo Mbeki Road, Lusaka 38474, Zambia Phone: +260 21 136 0105 Not Losing Interest C 1701AI106 the following are the solutions they use quicken transaction for their customers: Real Time Gross Settlement - RTGS Allows customers with payments of over KR100,000 - K100M to settle funds in real time. It is a fast, same day credit to the payee and risk of funds returning to the sender are eliminated. DDACC - This is a Direct Debit and Credit Clearing (DDACC) payment system that settles funds directly to the recipients account. For payments in excess of KR50,000 - K50M but less than KR100,000 - K100M, customers are advised to use this service. Standing Order - Allows you as the customer to agree with the bank to send a specific amount of money from your account to make regular payments on a specified day. Telegraphic Transfers - Local and international transfer of foreign currency from an account holder to a non-account holder at any of their branches. Drafts - These cheques are drawn on international correspondent banks and are therefore accepted worldwide. The drafts are issued in the following currencies: US Dollar, South African Rand, Pound Sterling and Euro. Managers Cheques - These cheques are drawn on Cavmont Bank and are accepted country wide. Foreign Exchange - The bank offers foreign exchange services with coverage in all the major convertible currencies. Their sales team is available to provide customers with strategies and the best possible solutions to help them make informed decisions. They also offer foreign currency notes to their customers. Investments - Cavmont Bank offers its customers various investment products that are tailor made to suit their needs. These range from term deposits and fixed deposits to asset backed securities. The treasury team is always available to offer advice to customers on how they can earn a good return on their investment(s). Government paper - The bank is an agent for the Bank of Zambia for Government Securities. Cavmont is currently one of the few commercial banks that offer the off tender facility for Government Securities.