ZB Building Society placed under liquidation

STAFF WRITER
ZB Building Society (ZBBS) has been placed under liquidation following the surrender of its banking licence to the Reserve Bank of Zimbabwe (RBZ) late last year, Business Times can report.
The liquidation, which took effect on June 4, 2026 under the Insolvency Act [Chapter 6:07], comes after the building society transferred its staff, operations, deposits and banking liabilities to ZB Bank as part of the group’s integration programme.
In a notice, the Deposit Protection Corporation (DPC) said it had been appointed liquidator, while Bulisa Mbano of Grant Thornton (Zimbabwe) had been appointed liquidation agent.
“This notice serves to advise that with effect from June 4, 2026, ZB Building Society was placed under liquidation in terms of the Insolvency Act [Chapter 6:07]. Deposit Protection Corporation was appointed liquidator and Bulisa Mbano of Grant Thornton (Zimbabwe) was appointed liquidation agent of the company effective from June 4, 2026,” the notice reads.
The first meeting of creditors has been scheduled for July 29, 2026, at 9:30am at the Master’s Office, Corner Sam Nujoma (Second Street) and Herbert Chitepo Avenue in Harare.
The meeting will consider proof of claims, the liquidator’s report and the appointment of a committee of creditors.
The DPC advised all creditors owed money by the former building society to submit affidavits proving their claims in duplicate to the Master of the High Court at least 48 hours before the creditors’ meeting.
“If you are owed money by the company for any reason whatsoever, you are required to complete an affidavit of proof of claim. You will be required to complete these forms in duplicate and lodge them with the Master of the High Court… at least 48 hours before the scheduled creditors’ meeting,” the corporation said.
The liquidation forms part of ZB Financial Holdings’ broader restructuring strategy to streamline its banking operations by merging the building society into ZB Bank.
The DPC emphasised that the licence surrender and subsequent liquidation were not the result of insolvency.
It said ZB Building Society remained solvent, with sufficient assets to meet its obligations, while all deposits and related banking liabilities had already been assumed by ZB Bank.