Bloomberg News

Zimbabwe Says Foreign Banks Must Sell Stakes, NewsDay Reports

March 05, 2012

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.

To contact the reporter on this story: Godfrey Marawanyika in Johannesburg at gmarawanyika@bloomberg.net

To contact the editor responsible for this story: Nasreen Seria at nseria@bloomberg.net


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