via Indigenisation: Three foreign banks comply 27 August 2014 by Bloomberg.com
THREE foreign banks operating in Zimbabwe have complied with the country’s local ownership law while government talks with other banks on the legislation continue, Indigenisation Minister Francis Nhema said.
“We have explained to them our empowerment laws,” Nhema said in an interview on Wednesday.
Under Zimbabwean law, foreign and white-owned companies with assets of more than $500,000 must cede or sell a 51 percent stake to black nationals or the country’s National Economic Empowerment Board.
Nhema’s remarks contradict an April statement by Finance Minister Patrick Chinamasa that the government will not force all companies to comply and would rather work on an industry-specific approach.
“Some companies which had pulled out of Zimbabwe a long time ago, such as Pepsi Cola, now want to come back,” Nhema said.
“The perception out there is that the law only benefits a few, but this is the wrong perception.”
Foreign banks operating in Zimbabwe include Barclays, Standard Chartered, Standard Bank, Nedbank, Ecobank and Bank ABC.
Mining companies including Anglo American Platinum and Impala Platinum have already had indigenization plans accepted by the government.
COMMENTS
If true they will now become deadbeat local bank who cannot be trusted with other people’s monet
@john thomas…….do u ever have anything useful to say?
How about you give an opinion instead of just being a totally idiotic …..n
Yes he does , did you not read yesterdays cracker of a comment “Proud to be stupid”
The more I think about it John T it should be recommended to ZPF to use it as their party slogan