Harare - Leading financial services institution, Stanbic Bank Zimbabwe says it has assisted over 600 individuals and corporates to 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 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 to achieve their dream in both residential and commercial property. We feel motivated to stretch ourselves to do more. We are committed to ensuring that clients have the four walls that are a roof over their heads. For companies, we are proud to assist as many as possible to save on rent by investing in their own properties,” said Mombechena.
He highlighted that Stanbic Bank is committed to driving Africa’s growth in line with its parent company, Standard Bank Group’s thrust.
“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 the development of Africa and this will unlock exciting opportunities for the bank and us as a unit,” Mombechena said.
Meanwhile, the Group exceeded its 2021 targets for the property division and its performance for 2022 has been satisfactory so far with room to improve
“We have had a solid performance in terms of asset class, growth and the right solutions for our clients,” Mombechena said.
However, despite Stanbic’s valiant efforts to assist its clients, the institution was not spared by the effects of the C0VID-19 pandemic on its operations as 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 has assisted. We are happy that our crisis management plans kicked in and we have managed to ride the tide,” Mombechena said.
He further highlighted that 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 the 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 and USD mortgages for targeted clients in the market. The solution lines include outright purchase, building finance, property improvements and equity release” Mombechena said.
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