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Harare - Zimbabwe’s Indigenisation Minister Saviour Kasukuwere on Wednesday said Barclays Bank had submitted an empowerment compliance plan government officials say is acceptable.
The indigenisation ministry is set to meet with Barclays executive Kennedy Bungane at a date yet to be announced, after a meeting scheduled for this week was called off.
Kasukuwere said the indigenisation of the banking sector should be completed by July 2013 as government continues its thrust to foster partnership between local and foreign partners.
Other banks likely to be affected include British-owned Standard Chartered Bank, as well as South African-owned Stanbic Bank. Old Mutual also owns CABS and MBCA Bank.
Addressing a joint command (the top Zimbabwe army hierarchy) at the Defence Staff College on Wednesday afternoon, Kasukuwere said a number of stumbling blocks had been encountered within the banking sector, but the indigenisation programme is in accordance with the laws of Zimbabwe.
“We are currently dealing with the banking sector and after that we will move to manufacturing and other sectors,” said Kasukuwere.
Recently the National Indigenisation and Economic Empowerment Board said it was in talks with banks over compliance as they had all submitted their empowerment plans.
Kasukuwere said contrary to sentiment that indigenisation discourages foreign direct investment, it instead guarantees the security of foreign investment by insisting on mutually beneficial partnerships between indigenous and non-indigenous investors.
In reference to the Chinese, Kasukuwere said the law does not provide for any exemptions and is being applied consistently, irrespective of the country of origin of the foreign investor.
Overall, Kasukuwere said a total of 1 119 applications for indigenisation had been assessed to date. Of those applications 496 had been approved, the bulk of which were in the mining sector.
- Fin24
The indigenisation ministry is set to meet with Barclays executive Kennedy Bungane at a date yet to be announced, after a meeting scheduled for this week was called off.
Kasukuwere said the indigenisation of the banking sector should be completed by July 2013 as government continues its thrust to foster partnership between local and foreign partners.
Other banks likely to be affected include British-owned Standard Chartered Bank, as well as South African-owned Stanbic Bank. Old Mutual also owns CABS and MBCA Bank.
Addressing a joint command (the top Zimbabwe army hierarchy) at the Defence Staff College on Wednesday afternoon, Kasukuwere said a number of stumbling blocks had been encountered within the banking sector, but the indigenisation programme is in accordance with the laws of Zimbabwe.
“We are currently dealing with the banking sector and after that we will move to manufacturing and other sectors,” said Kasukuwere.
Recently the National Indigenisation and Economic Empowerment Board said it was in talks with banks over compliance as they had all submitted their empowerment plans.
Kasukuwere said contrary to sentiment that indigenisation discourages foreign direct investment, it instead guarantees the security of foreign investment by insisting on mutually beneficial partnerships between indigenous and non-indigenous investors.
In reference to the Chinese, Kasukuwere said the law does not provide for any exemptions and is being applied consistently, irrespective of the country of origin of the foreign investor.
Overall, Kasukuwere said a total of 1 119 applications for indigenisation had been assessed to date. Of those applications 496 had been approved, the bulk of which were in the mining sector.
- Fin24
