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Foreign banks bow down to Zim empowerment

Harare - Indigenisation Minister Francis Nhema has said all foreign banks operating in Zimbabwe, save for one whose plan is still under consideration, have complied with the country’s indigenisation laws.

The foreign banks include Barclays, Standard Chartered, Stanbic, AfrAsia, Ecobank and MBCA.
 
According to leading Zimbabwean news agency Financial Express, Nhema told a press conference on Wednesday that his ministry has been engaging with the banking sector in good faith and they have understood the issues that have been proposed with regards to empowerment.
 
“Most banks have complied and I am happy. The onus is now with us to complete processing the plans,” he said.
 
Of the one bank which is yet to comply, Nhema said: “We are not saying they are in defiance or resisting; we are just fine-tuning the proposal to a point we all agree (upon)."

It was however not clear whether the banks complied with the 51% threshold to locals or were given a lower threshold which is sector specific.
 
Nhema said the government has put in place a provision for timelines in situations where local banks secure a foreign investor.
 
“We have done this with a certain bank which is due to receive funding and we have given leeway for the deal to go ahead, but in the interests of the law they will have to comply.”
 
According to the Bankers Association of Zimbabwe, 16 of the banks operating in the country are indigenous and six are foreign-owned.

 - Fin24

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