Garainashe Changunda takes reins as new CEO of state bank POSB

BULAWAYO – The state-owned People’s Own Saving Bank (POSB) has appointed Garainashe Changunda as its new CEO.

Changunda, who assumed the role on February 1, took over from Admore Kandlela who left after serving the bank for almost 20 years.

The POSB board said the new CEO had been handed a task of growing the bank.

Prior to his appointment as CEO, Changunda had served as chief finance officer since 2017.

“The board is confident he possesses the combined wealth of knowledge, skills and industry experience necessary to achieve overall effectiveness of the bank,” the POSB board said in a statement.

Changunda is a chartered accountant who has 25 years of banking experience under his belt. In addition , the new CEO holds a Master of Business Administration degree (MBA) and a Bachelor of Accounting Science Honours degree.

Offering mortgages and microfinance loans amongst other banking services, POSB has over 400,000 customers.

The bank is currently in the process of opening up its ownership to include private investors.

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