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Charity Ruzvidzo Business Reporter
AFRASIA Zimbabwe Holdings Limited is courting local and international investors who will make major equity investment into the troubled financial institution, an official has said.Of late, the bank’s depositors have been struggling to withdraw their money due to the liquidity crisis it is facing.

Responding to written questions from Business Chronicle yesterday, AfrAsia corporate communications executive Sekai Chitemere said discussions with potential investors were at an advanced  stage.

“There’re firm interests from several secured bond investors to make major equity investment into AfrAsia Zimbabwe Holdings Limited and these processes take time to complete but they’re well advanced,” she said.

Chitemere said they have kept their clients up to date with the new development.

“There’re some major developments under way. We’ve adopted the principle of engaging with our clients regularly either by e-mail or when they’re at the bank apprising them of the latest developments as well as the exact position regarding our cash resources,” she said.

However, the bank’s depositors will have a gloomy festive season as the institution is uncertain as to when it will finally be                            stable.

“These processes take time with all due diligence involved from various companies, nevertheless, they’re at an advanced stage. We thank our valued customers and other  stakeholders for their patience,” Chitemere said.

The bank recently announced the addition of the National Bank of  Canada (NBC) to its shareholding structures.

NBC will acquire a 9,5 percent stake in AfrAsia Bank with the aim to further increase its shareholding in the near  future.

“Last week AfrAsia Bank Limited (ABL) announced a new partnership with the National Bank of Canada (NBC), which has taken up a 9,5 percent equity stake in AfrAsia, demonstrating its confidence in the potential of the African continent as a key investment destination.

“This is NBC’s first venture into Africa and its spotlight is on key emerging economies such as Zimbabwe,” Chitemere said.