​The Commercial Bank of Zimbabwe (CBZ) Holdings, which owns CBZ Bank Limited, launched in 1980 as а joint venture. The company faced governance issues and financial distress that nearly led to its collapse. In response, the government assumed full ownership in 1991, transforming the troubled bank. Under the new direction, CBZ Holdings has expanded through selective acquisitions and sustainability investments.

In 2022, the organization sought to demonstrate environmental stewardship and support Zimbabwe's renewable energy transition amid regular nationwide blackouts from aging coal plants. It invested 2 percent of its annual earnings into expanding solar power infrastructure to provide reliable electricity. By financing the growth of solar energy, CBZ aims to power the nation while cementing its reputation as an innovative financial leader creating a low-carbon economic future.

CBZ Holdings also recognizes that sustainable business practices and climate action are linked to responsible corporate stewardship and long-term value creation. The group is investing in several carbon credits (tradable permits to reduce or remove greenhouse gas emissions) to augment its environmental credentials and reinforce thought leadership on this issue. Each carbon credit represents reducing or removing one metric ton of carbon dioxide. This holistic focus on low-carbon solutions demonstrates the bank's understanding that moving toward wind and solar power is integral for energy security and Zimbabwe's inclusive green growth agenda.

​Since acquiring First Mutual Holding Limited (FMHL), CBZ has strategically positioned itself as a leading financial services group in Zimbabwe. A significant move in this direction was the restructuring of its board members. In December 2023, Mr. Luxon Zembe, a seasoned banker and business management consultant, assumed the role of acting chairman of CBZ Holdings.

Mr. Zembe will oversee the company's merger with ZB Financial Holdings in his new position. He has been in corporate governance and strategic planning for over three decades. His appointment as the new acting chairman of CBZ Holdings follows the retirement notice tendered by Mr. Marc Holtzman, the company’s former director. Mr. Zembe officially assumed his new role on December 31, 2023.

Another noteworthy addition to the boardroom is Mr. Lawrence Nyazema, the acting group executive officer, succeeding the retired Dr. Blessing Mudavanhu. Mr. Nyazema also assumed his role on December 31, 2023, Dr. Mudavanhu’s official retirement date.