From iOL
Foreign banks in Zimbabwe may have put behind them worries over the country’s indigenization policy, with Empowerment Minister Francis Nhema saying last week that all of them – except one – had now agreed to give away majority shares into the hands of black Zimbabwean groups.
The international and regional banks in Zimbabwe include Standard Bank, Barclays, Nedbank and Standard Chartered. Other foreign banks in the country such as Ecobank and Old Mutual’s mortgage lender, CABS, are reported to have complied with the policy.
However, informed sources in Zimbabwe told Business Report on Friday that relations between the executives of foreign banks and the government “are not at their best.”
Most of the international banks operating in Zimbabwe refused to comment on the issue during the week. Kate Johns, the spokeswoman for Standard Bank, said: “Standard Bank and Stanbic Zimbabwe continue to engage in the dialogue of indigenization and empowerment.”
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