Leading financial services institution, Stanbic Bank Zimbabwe has assisted over 600 individuals and corporates acquire residential and commercial properties over the last year as part of its efforts to contribute to the growth of its clients.
Stanbic Bank Head Home Loans, Bryan Mombechena said the institution was determined to do more in line with its quest to drive the growth of Africa and in indeed Zimbabwe’s growth despite the prevailing harsh economic environment. The solutions on offer include ZWL and USD loan facilities covering both local clients and Zimbabweans in the diaspora.
“From 2021 to date we have assisted over 600 customers achieve their dream in both residential and commercial property. We feel motivated to stretch ourselves to do more. We are committed to ensure that clients have the four walls, that is a roof over their heads. For companies, we are proud to assist as many as possible save on rent by investing in their own properties,” said Mombechena.
He said getting to assist these clients is a positive development which drives Stanbic Bank to do more on the back of the strength of its various structures. Mombechena said the major highlight for the Property division to date is the strong performance for 2021 in terms of asset budget.
“We exceeded 2021 targets. Performance for 2022 is upbeat. Additionally, 2022 is exciting for the team as we are entrenching partnerships to make sure our client’s expectations are exceeded. Our performance so far this year has been satisfactory with room to improve. We have had solid performance in terms of asset class, growth and the right solutions for our clients,” said Mombechena.
He said Stanbic Bank is committed to driving Africa’s growth in line with its parent company, Standard Bank Group’s thrust, “ Africa is our Home, we drive her growth”.
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“The future is exciting for the bank and the team. We have identified the needs of Africa and Zimbabwe and we have the capacity to provide solutions for this. Africa’s population is young and has potential. In this regard, infrastructure is key for development of Africa and this will unlock exciting opportunities for the bank and us as a unit,” he said.
Mombechena said despite Stanbic’s valiant efforts to assist its client, the institution was not spared by the effects of COVID 19 on its operations. The pandemic disrupted ways of doing business and influenced turnaround times as some team members and partners were affected.
“We are positive we have managed in these circumstances by putting measures to ensure our clients are happy and team members manage in these difficult times. Adhering to public health protocols have assisted. We are happy that our crisis management plans kicked in and we have managed to ride the tide,” said Bryan.
He said apart from COVID 19, the economic environment was another dynamic influencing the unit’s performance.
The real estate market is sensitive to policy changes in the market. Listing prices reflect how the suppliers of real estate read the market and policy direction. Performance of the
economy and policy direction has affected capacity to deliver on the objectives of the department and real estate players in general.
“The department however responds to this in a positive way by developing new solution lines like diaspora mortgages, USD mortgages for targeted clients in the market. The solution lines include outright purchase, building finance , property improvements and equity release” he said.