Fin24

Zim BEE targets Barclays, Stanbic

2013-01-16 20:20

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.

Comments
  • warren.carne.9 - 2013-01-16 21:00

    BEE Laws? Just because its deemed a law doesn't mean there's any legitimacy to the transaction,with this type of organised daylight robbery Zimbabwe will never get on its feet.

  • ryan.macdougall - 2013-01-16 21:11

    They really have committed ecomomicside. FDI is down 90%. Just seems like the country is doomed to fail. RIP Zim.

  • nicholas.graan - 2013-01-16 21:58

    I am surprised the banks were left alone for so long. I suppose for for a long time their money held no value ..

      mark.a.fysh - 2013-01-16 22:06

      Very funny, but true.

  • sven.gohre - 2013-01-16 23:03

    The foreign banks should just close their branches and leave. The chaos that would unfold in Zimbabwe would make the meltdown of their currency seem like a Sunday school picnic. That would teach all African Dick-Tators that they are at the mercy of CAPITAL and not the other way around. If the banks had the Balls to do so, it may actually save Africa from itself. If they give in, then the future of the African continent would not be worth a dime.

      robert.m.sylvester - 2013-01-17 00:06

      Banks don't have any balls at all.

  • chris.buchner.12 - 2013-01-17 00:52

    Why would any bank do business in Zimbabwe?????? All they do is make loans in the country how on earth do they make money? If you can make a success out of your business in zim you can run wallstreet with your eyes closed!

      Sibusiso - 2013-01-17 02:08

      Investors are not interested in leaving Zim. They continue to make a lot money there.

      sugardick.dupree - 2013-01-17 02:13

      Why would any bank do business in Zimbabwe?????? because there is serious money to be made in Zimbabwe and very little competition. If you can make a success out of your business in zim you can run wallstreet with your eyes closed! so i guess there's loads of Zimbabweans who could run Wallstreet with their eyes closed.

      chris.buchner.12 - 2013-01-17 09:43

      But how how do they do it?

      Klaus - 2013-01-17 11:29

      @Kevin, Banksters and Morality - a contradiction in terms if there ever was one.

  • thaluki.malema - 2013-01-17 07:25

    BEE is nothing but theft!!!!!!!

  • bonge.mpofu - 2013-01-17 08:15

    mugabe is sick

      balan.morgen - 2013-01-30 18:00

      Yeah, Yeah he better demise soon

  • PureProteas - 2013-01-17 09:15

    Ha ha ha what a joke, ecobank sold shares to locals, the article stated ecobank is a african bank and now they expect western banks to do the same, they are more senile than I thought, morons

  • Eterni80 - 2013-01-17 09:20

    those who make the make the laws - pocket the cash I can't wait for this piece of rubbish to die.

      mofstok - 2013-01-17 09:36

      His successor will be no better, mark my words. Mugabe is but the face of a much bigger problem.

      nhla.prv - 2013-01-17 09:49

      I doubt that these laws will die with him though. Now that all the major mining companies have complied means they are still minting it even at 49%.I will not be surprised if they comply.

  • thami.khulu - 2013-01-17 16:11

    And once this is achieved Zimbabweans can truly say they are independent. Locals controlling agriculture, majority stakes in mining and banking. Rugby, cricket truly reflective of an African country. Well done Mugabe. Your job is done! Give this President a bells

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