[2008-07-07]  CFX to Embark on Share Consolidation Exercise
BANKING group CFX says it will have a share consolidation exercise once its recapitalisation programme is complete.
This follows its rights issue in May which was 85 percent subscribed, raising $779 trillion through the issue of 6 254 billion shares, which included an additional 216,1 million shares issued to POSB. The Ngezi branch will soon move to the new Old Mutual shopping mall, which is much closer to the platinum mine. "The spaciousness of the new premises will enable the bank to introduce a section of the banking hall specifically for executive clients. The bank will also install an automated teller machine," the group said adding that the present branch "although modern and well equipped, is currently housed in what from the outside is a fairly typical rural business building."
The group reiterated its plans to open six branches this year in a bid to have seven percent of the depositors market. Another branch could be opened in Southerton, Gweru, Mutare and Chiredzi, among other areas. New services, which the group had installed, included a kiosk of ATMs along First Street and POS terminals at several locations The group's eBanking will soon be fully functional "as it was currently being tested". The group's agri-business unit was still in its initial stages and would concentrate on traditional crops as well as business with good export earnings strength "like crocodile farming and horticulture". The group said it would continue to look and invest in opportunities where they exist.



Source: ALLAFRICA