Zimbabwe’s Indigenization Minister Saviour Kasukuwere said foreign-owned banks operating in the country will be required to transfer a majority stake to locals, NewsDay reported, citing the minister.
The banks need to “follow the laws of our country,” Kasukuwere told the Harare-based newspaper. The government also wants lenders to boost funding to farmers, small and medium- sized businesses and to young people, NewsDay said.
Barclays Plc (BARC), Standard Chartered Plc (STAN) and Standard Bank (SBK) Group Ltd. operate local units in Zimbabwe.
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