By Own Correspondent

THE Zimbabwe Banks and Allied Workers Union (ZIBAWU) has acknowledged CBZ Holdings Limited for respecting workers’ rights.

Speaking to The Worker this week and asked whether the impending merger between CBZ Holding Building Society and CBZ Bank Limited will not work to the disadvantage of workers, ZIBAWU secretary general, Peter Mutasa dismissed the fears.

“We are waiting for the workers’ committee to raise any issue. CBZ has better industrial relations than other banks. It engages its worker’s committee on most issues. I will give our comments once they appraise us,” he said

A recent notice on the forthcoming transaction advised members of the public that the process was recently approved.

 “We further advise that on May 20 2022, the Finance Minister, Mthuli Ncube approved the amalgamation of CBZ Bank Limited and CBZ Building Society as required in terms of section 25(5) of the Banking Act (Chapter 24:20).

“Following the approval of, a public notice was issued in the Gazette on 12 August 2022, in terms of section 25 (6) of the Banking Act (Chapter 24:20) advising of the approval of the amalgamation.

“The company has now surrendered the Building Society licence to the registrar of Building Societies for cancellation in terms of Section 14 (3) of the Building Societies Act,” the CBZ group legal corporate secretary, Rumbidzai Jakanani said.

She further advised that the company intends to finalise and operationalize the amalgamation effective September 30 2022, a development which is going to take place through consolidation of all assets and liabilities into one entity.

Such developments in different entities across the economic sectors have normally left workers jobless or stranded due to changed circumstances.