20 January 2018
   
Tsvangirai golden handshake confirmed
DisGrace sneaks out three luxury cars
ED cuts Bob Singapore crew from 38 to 22
Call for Diaspora Minister and MPs
ED so over confident it worries him
Priscilla demands coup ‘killings’ details
CBD maize roasting must end now: Min
Tsvangirai faces disgraceful exit: Judge
MORE NEWS
ZTA targets domestic tourism
SOE DEBATE: Privatise most parastatals
MORE BUSINESS
Delight as ZBC 'Iron Lady' suspended
Sulu arrested over $4,000 child support
MORE SHOWBIZ
Mapeza targets CAF CL group stages
Tendai Ndoro special - says Ajax coach
MORE SPORTS
Elections: Not a moment to be lost
A view beyond the Zimbabwe coup
MORE OPINION
 
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift
MORE COLUMNISTS
 
 
AfrAsia banking group leaves Zimbabwe
02/03/2015 00:00:00
by Business Reporter
 
Mauritius operations not affected by Zim trouble ... James Benoit
 
RELATED STORIES
Struggling AfrAsia bank posts US$9m loss

AfrAsia Bank Limited’s (ABL) has divested from Zimbabwe to refocus on profitable business lines elsewhere after ceasing operations in AfrAsia Bank Zimbabwe Limited (ABZL) last week

In a statement, group CE James Benoit said the difficulties that ABZL was facing arose primarily from legacy issues within the bank and the difficult economic environment within the country.

The Reserve Bank of Zimbabwe (RBZ) cancelled the bank's operating licence citing viability issue.

Benoit said the group has over the past months, been working diligently to shore up liquidity and capital, in order to provide tangible and sustainable solutions to the current economic situation faced in Zimbabwe.

“ABL will continue to focus its efforts on its profitable core business lines and regional expansion as part of its strategic vision,” he said.

Benoit said discussions with one international investor had reached an advanced stage but the group was unable to get through to a conclusive agreement on satisfactory terms and conditions,” he said.

“Zimbabwe has been going through an economic slowdown due to liquidity challenges and a fragile global financial environment,” he said.

He said the termination of ABZL’s banking activities in Zimbabwe will not affect the operations, clients and commitments of ABL in Mauritius and other parts of the world.

“AfrAsia Bank Limited remains a financially solid institution, well capitalised with strong local and international shareholders,” he said.



Advertisement


 
Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it

Del.icio.us

Reddit

Newsvine

Nowpublic

Stumbleupon

Face Book

Myspace

Fark

 
 
 
comments powered by Disqus
 
RSS NewsTicker