Business / Companies
Banks next in line to comply with indigenisation laws
14 Jan 2013 at 06:12hrs | Views
Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere is mounting pressure on foreign-owned banks to comply with the empowerment laws as no company will be spared from the indigenisation programme.
The foreign-owned banks targeted for indigenisation are Barclays Bank, Standard Chartered Bank, Stanbic Bank, MBCA and Ecobank.
Minister Kasukuwere said there would be "no sacred cow spared, no stone unturned" to ensure all firms comply.
The law requires foreign-owned firms to turn over their majority stakes to black Zimbabweans.
The foreign-owned banks targeted for indigenisation are Barclays Bank, Standard Chartered Bank, Stanbic Bank, MBCA and Ecobank.
The law requires foreign-owned firms to turn over their majority stakes to black Zimbabweans.
Source - news
