Commercial property

Stanbic Bank helps over 600 people with their residential and commercial property needs

A leading financial services institution, Stanbic Bank Zimbabwe has helped over 600 individuals and businesses acquire residential and commercial properties over the past year as part of its efforts to help its customers grow.

Stanbic Bank Head of Home Loans Bryan Mombechena said the institution was determined to do more in its quest to spur Africa’s growth and indeed Zimbabwe’s growth despite the prevailing difficult economic environment. The solutions offered include loan facilities in ZWL and USD covering both local customers and Zimbabweans in the diaspora.

“From 2021 to date, we have helped over 600 clients realize their dream in residential and commercial real estate. We feel motivated to push ourselves to achieve more. We are committed to ensuring clients have the four walls, meaning a roof over their head. For businesses, we are proud to help save as much as possible on rent by investing in their own properties,” Mombechena said.

He said helping these customers is a positive development that pushes Stanbic Bank to do more through the strength of its various structures.

Mombechena said the main highlight of the Property division so far is the strong performance for 2021 in terms of asset budget.

“We exceeded the 2021 objectives. The performance for 2022 is good. Additionally, 2022 is exciting for the team as we entrench partnerships to ensure our customers’ expectations are exceeded. So far this year, our performance has been satisfactory with room for improvement. We have had strong performance in terms of asset class, growth and good solutions for our clients,” Mombechena said.

He said Stanbic Bank is committed to driving Africa’s growth in line with the guidance of its parent company, Standard Bank Group, “Africa is our home, we drive its growth.”

“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. Africa’s population is young and has potential. In this regard, infrastructure is critical for Africa’s development and this will open up exciting opportunities for the bank and for us as a unit,” he said.

Mombechena said that despite Stanbic’s valiant efforts to help its client, the institution was not spared from the effects of CVID 19 on its operations.

The pandemic has disrupted ways of doing business and influenced turnaround times as some team members and partners have been impacted.

“We are confident that we have succeeded in these circumstances by putting measures in place to ensure that our customers are happy and that team members are coping during these difficult times. Following public health protocols helped. We are happy that our crisis management plans have taken effect and we have managed to ride the tide,” said Bryan.

He said that aside from COVID 19, the economic environment was another dynamic influencing unit performance.

The real estate market is sensitive to changes in market policy. Listing prices reflect how real estate providers read the market and policy direction. The performance of the economy and the direction of policies have affected the ability to achieve the objectives of the ministry and real estate players in general.

“The department is however responding to this positively by developing new ranges of solutions like Diaspora Mortgages, USD Mortgages for targeted customers in the market. Solution lines include outright purchase, construction finance, property improvements and equity release,” he said.