Nedbank Zimbabwe Limited, also Nedbank Zimbabwe, is a commercial bank in Zimbabwe. It is licensed by the Reserve Bank of Zimbabwe, the central bank and national banking regulator. The bank was previously known as MBCA Bank, prior to rebranding to its present name.
The headquarters of the bank and its min branch is located on the 14th Floor of Old Mutual Centre, at the corner of Third Street and Jason Moyo Avenue, in Harare, the capital and largest city in Zimbabwe. The geographical coordinates of the bank’s headquarters are: 17°49’46.0″S, 31°03’12.0″E (Latitude:-17.829444; Longitude:31.053333)
As of December 2014, the bank was a medium-sized financial services provider in Zimbabwe, with an asset base of nearly US$189 million and shareholders’ equity in excess of US$37 million.
The bank is a subsidiary of the Nedbank Group, an established financial services provider, headquartered in Johannesburg, South Africa, with total assets of almost US$80 billion (ZAR: 648+ billion), as of December 2011.
The bank was founded in 1956 by Rhodesia Selection Trust (RST), as the Merchant Bank of Central Africa. Following the issuance of a commercial banking license by the Reserve Bank of Zimbabwe, the national banking regulator, the bank rebranded to MBCA Bank Limited in 2004.
Significant to the development of Southern Rhodesia and to the failing Central African Federation is at much the same time RST’s competitor Anglo-American joined with Lazard Brothers of London to found Rhodesian Acceptances Limited (RAL).
RAL, now known as RAL Merchant Bank (Zimbabwe) was part of Anglo-America until reorganization/rationalization, now in the Nedbank/Old Mutual Group.