By Alois Vinga
TOP US banker and ex-politician, Marc Holtzman has been appointed chairperson of the Victoria Falls Offshore Centre in a move market watchers believe will bolster global investors’ confidence.
International financial centres are clusters of financial institutions that cater for people and entities outside their own jurisdiction. They offer advantages that vary to users including lower taxation, privacy or secrecy, connection to regional markets and favourable legal systems.
There are four types of financial centres namely global, international, regional and offshore. The distinction between the four can be very small and sometimes arbitrary.
While Global, International and Regional Financial centres are self-explanatory offshore financial centres are characterised by handling more foreign transactions than local transactions. Well known Offshore Financial Centres include Switzerland, Cayman Islands, Mauritius, Dublin (Ireland) and Belize.
In an update Tuesday evening, Finance Minister Mthuli Ncube said Holtzman’s appointment comes after approval by the president.
“I am pleased to announce the appointment of Mr Marc L Holtzman as the Chairperson of the Victoria Falls (Offshore) Financial Services Centre following consultations with the approval by His Excellency, the President of the Republic of Zimbabwe Dr E.D Mnangagwa,” he said.
Mr Holtzman is a respected banker who holds a BA in Economics from Leigh University.He is former chairperson of Meridian Capital HK; Vice Chairman of Barclays and ABN Amro Bank; Co-Founder and President, Mees Peirson EurAmerica, Senior adviser at Salomon Brothers, Secretary of Technology and Member of the Cabinet, State of Colorado, concurrently chairman Information Management Commission and Governor’s Commission on Science and Technology, President University of Denver.
In the 1980 presidential campaign, Ronald Reagan appointed Holtzman Executive Director of his Pennsylvania campaign, the youngest person to ever run a state-wide campaign in a US presidential election.
In 1989, Holtzman was nominated by President Ronald Reagan to the Peace Corps National Advisory Council
“He is currently a member of the board of directors of TeleTech Holdings, JSC Kazkommertsbank, the Bank of Kigali and CBZ Holdings.
“Mr Holtzman brings a wealth of experience to the Victoria Falls International (Offshore) Financial Services Centre drawn from his long high level career in offshore financial services and investment banking across the globe,” added Ncube.