Russians take over Zimbabwean Bank

A Russian investment group Horizon Capital Consortium led by businessman Sergey Pokusaev has acquired a controlling stake in the diversified financial company, Tetrad Holdings Ltd which owns Tetrad Investment Bank, in deal worth $50 million that now awaits regulatory approvals.

Banking sources said last night the Tetrad board held a meeting yesterday to discuss the deal and will present it for adoption at its Annual General Meeting on Monday.

The sources said the bank would seek approval from the Bankers Association of Zimbabwe, RBZ and the Ministry of Finance before the deal can be sealed.

Finance minister Patrick Chinamasa has said he is comfortable with foreign ownership of banks because locals have no money to buy equities in financial institutions.