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Zim's foreign banks could be indigenised

Indigenisation Minister Saviour Kasukuwere on Friday said international banks in Zimbabwe will be...

World

Indigenisation Minister Saviour Kasukuwere on Friday said international banks in Zimbabwe will be indigenised. 

But the plan is facing stiff resistance from Finance Minister Tendai Biti and the Zimbabwean Central Bank. 

Biti said Zimbabwe's banking sector is already indigenised with 22 of the 26 banks operating in local hands.  

He said there was no need to tamper with the shareholding of the few foreign banks operating in the country, which include South Africa's Stanbic Bank.  

Biti said he has the backing of Central Bank Chief Gideon Gono, a close ally of President Robert Mugabe.  

Speaking to New Zimbabwe.com, Kasukuwere said foreign banks have “attitude problems”. 

He also accused them of refusing to lend money to Zimbabwean companies. 

(Edited by Clare Matthes)


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