New owner set to takeover StanChart Zimbabwe

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By Alois Vinga

THE Reserve Bank of Zimbabwe (RBZ) says a new owner is set to take over the control of StanChart Zimbabwe.

The development which is likely to ease abrupt job cuts fears which had been anticipated when the bank first announced that it will be closing shop in Zimbabwe.

In an update, RBZ governor advised the public that StanChart had formally advised the central bank of the intention to divest its business interest in Zimbabwe.

“Standard Chartered Bank Zimbabwe Limited has advised that the divestiture from some countries in the Middle East and Africa, including Zimbabwe, is in line with the Group’s new business model and strategic repositioning.

“While the divestiture will result in change of ownership and control of Standard Chartered Bank Zimbabwe Limited, the latter which is currently adequately capitalised, liquid and profitable will continue to operate normally under the purview of the Bank,” he said.

However, a highly placed source at StanChart Bank told Business that no new owner has been identified yet.

“The Bank has been meeting its workers in a bid to make arrangements for the divestiture. No investor has been identified for now but information at hand indicates that the owners are preferring an international investor to take over,” the anonymous said.

The source added that the departure of the bank has struck the country a very hard blow considering that it was the only remaining bank with strong global intermediaries.

“For long time, government authorities have tried their best to block StanChart’s departure because of its unique establishment,” the source added.