Zim BEE targets Barclays, Stanbic

Jan 16 2013 20:20
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Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Harare - Zimbabwe is now targeting Western banks with operations in the country after a top African conglomerate, Ecobank complied with black empowerment laws of selling majority shares to locals, a minister told AFP on Wednesday.

"Ecobank has complied with our indigenisation laws. Their plans are now in order," Saviour Kasukuwere, Zimbabwe's indigenisation minister said.

"We are now looking at other banks like Standard Chartered Bank, Barclays and Stanbic to comply."

Stanbic, is a subsidiary of South Africa's Standard Bank with operations elsewhere on the continent.

The Togo-headquartered Ecobank which has branches in 33 countries across Africa confirmed the deal but refused to give details.

The indigenisation drive, which is being spearheaded by long ruling President Robert Mugabe saw Impala Platinum Holdings [JSE:IMP], cede 51% shares in its local unit Zimplats, to Zimbabwean investors.

The campaign, signed into law in 2007, has been described as illegal and a threat to the ailing economy by Prime Minister Morgan Tsvangirai.

Zimbabwe's central bank chief last year warned the country's fragile economy could grind to a halt if the government rushed its planned seizure of majority stakes in foreign-owned banks.

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barclays  |  zimbabwe  |  banks  |  economy



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