Old Mutual Custodial Services re-named CABS Custodial Services
HARARE, Diversified financial services and Insurance giant Old Mutual Zimbabwe has rebranded its Custodial Services unit to Cabs Custodial Services as part of meeting international best practice which encourages custodians to operate within a banking institution.
CABS is a member of the Old Mutual Group and have an established strong brand in the financial services sector in Zimbabwe.
Speaking this morning at a breakfast meeting Cabs managing director Simon Hammond said the Custodial service will also take advantage of the efficient systems within the bank.
“While our custodial services business will take on the CABS brand name, it will continue to operate as a separate company that is regulated by the Securities and Exchange Commission,” he said.
The Custodial Services business offers a range of services to local and foreign institutions and individuals trading on the Zimbabwe Stock Exchange, Alternative Trading Platform and on the money market.
According to Hammond, the new name will come with a new logo and the adoption of the Cabs pay-off line.
He said in 2010 the Custodial book had assets worth $740 million and has since grown to $1.445 billion worth of assets by end of May 2017. As at December 2016, the four licenced custodians had assets worth $2.62 billion.
However, according to the Securities and Exchange Commission of Zimbabwe chief executive officer Tafadzwa Chinamo who was the guest speaker value of Assets under custodians have increased to over $3 billion due to the run on the Zimbabwe Stock Exchange.
Meanwhile, according to Old Mutual Zimbabwe’s first quarter 2017 performance, the Life business and the Bank drove higher margins.
According to the Insurance and Pensions Commission report for the year ended 31 December 2016, Old Mutual leads four players in the Life assurers business that controlled 88% of the market which translated to over $300 mln.