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Harare Bureau
Listed financial services group BancABC has parted ways with former managing director and head of newly created Special Operations Unit Hashmon Matemera. Matemera had spent close to 17 years at the group. In a statement Matemera said he was leaving the bank to pursue personal interests.

Said Matemera: “I would like to advise you that after 16 years with the bank, I have come to that time when I am taking a break. I leave the bank in the very capable hands of my colleagues who will be able to attend to all your requirements.”

The resignation was with effect from August 1.

However, sources at the bank claimed that Matemera had not taken kindly to the new appointment as head of Special Operations Unit as it came out as more of a demotion. Under the new post, Matemera was managing the group’s non-performing and classified asset portfolio across the group and disposal of non-core banking assets. Sources said under his watch as MD, the bank had increased its non-performing loans and had gone through humiliating moments including the drama over an $11 million ‘debt’ which was owed to a Belgian diamond company, Mackie Diamonds BVBA.

Matemera took over as managing director in 2010 replacing Zandile Shaba who had resigned to pursue personal interests. Matemera was succeeded by Joe Sibanda as MD who returned “home” from assignment as head of the Mozambican unit.

Matemera has experience in merchant banking, commercial banking and as a central banker. He has held several positions, including Executive Director of Banking Services at ABC Zimbabwe and Group Head of Treasury and Structured Finance. Hashmon also spent 10 years at the Reserve Bank of Zimbabwe, mostly in the Supervision and Surveillance Division.

His departure comes as Atlas Mara — a company co-founded by ex-Barclays Plc chief executive officer Bob Diamond — is on the verge o concluding its transaction for the controlling shareholding in the pan-African banking group with operations in Zimbabwe, Mozambique, Zambia, Botswana and Tanzania.

Chief executive, Doug Munatsi, upon completion of the transactions, will join the Atlas Mara Group Executive Committee. Atlas Mara is committed to provide up to $100 million of equity to BancABC, to drive its growth going forward, as well as support BancABC’s management in obtaining additional liquidity, including raising Tier II capital.

In the short to medium term BancABC will seek to grow market share to 5 percent-10 percent in all banking operations by 2015. Munatsi also said they are targeting cost to income ratio of under 50 percent in all banking operations by 2015.

The group will also complete the roll out of retail branches and increase alternative channels through various partnerships.