Business / Companies
AfrAsia excludes Zim unit from the group's consolidated accounts
08 Jan 2015 at 01:40hrs | Views

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