Business / Companies
Saviour Kasukuwere summons Zim bankers
04 Jun 2012 at 05:43hrs | Views
Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere has summoned Bankers' Association of Zimbabwe president and Barclays Bank managing director Mr George Guvamatanga for a meeting today to discuss the status of the banking sector in Zimbabwe.
The meeting comes in the wake of reports that the ministry that has been dealing with the indigenisation of the mining and manufacturing sectors has now turned its focus on the banking sector. Under the country's indigenisation laws, all foreign-owned companies should offload 51 percent shareholding to indigenous Zimba-bweans.
Although some progress has been made in the mining and manufacturing sectors, there has been concern in some sectors that the financial services sector should be dealt with differently because of its sensitivity. Minister Kasukuwere told Herald Business that he had summoned Mr Guvamatanga to explain his earlier statements that Barclays Bank had complied with the indigenisation regulations.
"I will be meeting (Mr) Guvamatanga on Monday to discuss the status at Barclays. As you may be aware, he has often said that Barclays is already indigenised, I will be very keen to understand what he means by that. There is also the issue about the other foreign-owned banks, and as the BAZ president, I am sure he can give us some insight into the status of his colleagues.
"My ministry is now focussing on the financial services sector and we are going to be closely evaluating the proposals that they have tabled in compliance with the indigenisation regulations. Our expectations are that this should be done in line with the aspirations of the workers and other indigenous investors," he said.
Zimbabwe has seven foreign-owned banks with Barclays, Stanbic, Standard Chartered and MBCA Bank being the major ones. On Friday, Reserve Bank of Zimbabwe Governor Dr Gideon Gono said that shareholding was not the best way to indigenise foreign-owned banks. He said that no banks should be indigenised according to the equity model.
"What we are advocating for here is for a supply-side approach to indigenisation for the financial services sector," he said.
Dr Gono said he had last week held discussions with Minister Kasukuwere over how the National Indigenisation and Economic Empowerment Board should implement the SaDIE.
Efforts to reach Mr Guvamatanga on Friday evening were unsuccessful.
The meeting comes in the wake of reports that the ministry that has been dealing with the indigenisation of the mining and manufacturing sectors has now turned its focus on the banking sector. Under the country's indigenisation laws, all foreign-owned companies should offload 51 percent shareholding to indigenous Zimba-bweans.
Although some progress has been made in the mining and manufacturing sectors, there has been concern in some sectors that the financial services sector should be dealt with differently because of its sensitivity. Minister Kasukuwere told Herald Business that he had summoned Mr Guvamatanga to explain his earlier statements that Barclays Bank had complied with the indigenisation regulations.
"I will be meeting (Mr) Guvamatanga on Monday to discuss the status at Barclays. As you may be aware, he has often said that Barclays is already indigenised, I will be very keen to understand what he means by that. There is also the issue about the other foreign-owned banks, and as the BAZ president, I am sure he can give us some insight into the status of his colleagues.
"My ministry is now focussing on the financial services sector and we are going to be closely evaluating the proposals that they have tabled in compliance with the indigenisation regulations. Our expectations are that this should be done in line with the aspirations of the workers and other indigenous investors," he said.
Zimbabwe has seven foreign-owned banks with Barclays, Stanbic, Standard Chartered and MBCA Bank being the major ones. On Friday, Reserve Bank of Zimbabwe Governor Dr Gideon Gono said that shareholding was not the best way to indigenise foreign-owned banks. He said that no banks should be indigenised according to the equity model.
"What we are advocating for here is for a supply-side approach to indigenisation for the financial services sector," he said.
Dr Gono said he had last week held discussions with Minister Kasukuwere over how the National Indigenisation and Economic Empowerment Board should implement the SaDIE.
Efforts to reach Mr Guvamatanga on Friday evening were unsuccessful.
Source - TH
