How it started
History
The bank was founded in 1999, as Interfin Merchant Bank. In 2009, Interfin Merchant Bank underwrote a rights issue of CFX Financial Services Limited (CFX Financial), a financial services provider with three subsidiary companies in which it held 100% ownership:
CFX Asset Management – An asset management company
In 2009, CFX Financial which was formed in 2006, was a publicly traded company on the Zimbabwe Stock Exchange. The rights issue was grossly undersubscribed and Interfin Merchant Bank was left with the equivalent of 40% shareholding in CFX Financial, unsold.
As a result, Interfin acquired a 40% sharehold in CFX Financial. It then began a series of manoeuvres to acquire a controlling ownership interest in its new acquisition, through a share swap. The holding company was renamed Interfin Financial Services Limited, to reflect the new ownership. A reverse merger was executed whereby Interfin became listed on the Zimbabwe Stock Exchange under the slot where CFX Financial used to be. The trading symbol for the new bank holding company became: INTERFIN.
The application was then made to the Reserve Bank of Zimbabwe and the Zimbabwe Ministry of Finance for Interfin Merchant Bank and CFX Financial to merge. The Zimbabwe Ministry of Finance gave its formal approval of the takeover. Subsequently, the Reserve Bank of Zimbabwe also signalled its approval of the merger of the two institutions.
From Wikipedia’s article on Interfin Bank, shared under CC BY-SA 4.0.2