New owner for StanChart Zimbabwe

Business Reporter

THE Reserve Bank of Zimbabwe (RBZ) has hinted that 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.

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