AfrAsia excludes Zim unit from the group's consolidated accounts

Mauritius based AfrAsia Bank Limited (AfrAsia) has decided to exclude its trouble Zimbabwean unit AfrAsia Zimbabwe Holdings Limited (AZHL) from the group's consolidated accounts in a move it said would "isolate any additional risk".

Arnaud Lagesse, AfrAsia chairman, said"entities of the group will be split between banking and non-banking clusters, and within the banking cluster the Zimbabwean entities will cease to be subsidiaries of the Bank and will be held separately.

This comes as the Zimbabwean unit is currently facing viability challenges.

Lagesse said AfrAsia had embarked on a restructuring plan that will see the creation of a top holding company named AfrAsia Financial Holdings Limited.