​Throughout her career, Rebecca Gaskin Gain has held multiple senior finance and legal roles in various countries worldwide. An alumnus of Emory University School of Law, Rebecca Gaskin Gain is an independent non-executive director at CBZ Holdings in Zimbabwe.

CBZ Holdings, Zimbabwe’s largest bank, acquired a 31 percent stake in First Mutual Holdings, the country’s leading property and insurance firm. The 31.22 percent CBZ acquisition was purchased from the National Social Security Authority (NSSA), which controlled 66.22 percent of FML’s shares. CBZ Holdings is also Zimbabwe’s largest lender, according to statistics from the Reserve Bank of Zimbabwe, where the bank disburses 31 percent of loans across the entire country.

The changes in shareholding were necessitated after NSSA was flagged by the Insurance and Pensions Commission (IPEC) for flouting investment procedures, forcing the agency to downscale its shareholding capacity. In 2020, FML initiated transferring its reinsurance shares into First Mutual Reinsurance as part of its restructuring process.

CBZ Holdings announced the acquisition after receiving shareholder transaction approval at the bank’s extraordinary annual general meeting (EGM). Earlier, CBZ owned a 3.23 percent stake in FML through PIM Nominees Accounts. Even though NSSA will remain FML’s largest shareholder at 35 percent, the entry of CBZ Holdings marked an important milestone considering it’s the largest bank by assets and maintains a solid financial history.

​An accomplished executive with over three decades of experience in international finance and law, Rebecca Gaskin Gain formerly served as a principal at Nexant Inc., where she coordinated with various government authorities and partners to facilitate energy transactions and promote a conducive environment for financing and development. Rebecca Gaskin Gain is now an independent non-executive director at Zimbabwe's largest financial institution, CBZ Holdings.

CBZ Holdings Limited aims to expand and bolster its presence in the financial sector by increasing its ownership in First Mutual Holdings Limited (FMHL). This move comes as CBZHL's board of directors has agreed with the National Social Security Agency (NSSA) to purchase a 31.22 percent stake in FMHL. As of the time of this report, CBZHL is the largest banking group in Zimbabwe.

CBZ Holdings Limited's strategic goals drive the decision to acquire FMHL shares to enhance its business portfolio and strengthen its position in the market. By purchasing these shares, CBZHL seeks to gain more influence and control over FMHL's operations, allowing them to tap into FMHL's diverse interests in insurance and microfinance.

This transaction's total purchase consideration is $6.356 billion, equivalent to $28 per FMHL ordinary share, excluding additional costs. CBZHL plans to acquire a significant number of FMHL shares, amounting to 226,997,219 million shares.

This strategic move aligns with CBZHL's existing banking, insurance, investment, and agro-insurance clusters. By expanding its stake in FMHL, CBZHL can further diversify its offerings, expand its market share, and potentially create new synergies between the two entities, benefiting its customers and stakeholders.