Zimpapers Logo

Sikhulekelani Moyo, Business Reporter

THE Reserve Bank of Zimbabwe (RBZ) says the divestiture of Standard Chartered Bank Zimbabwe Limited will result in change of ownership and control of the giant banking institution, which will continue to operate normally under the purview of the Central Bank.

In a latest statement RBZ Governor, Dr John Mangudya, said the Apex Bank has been formally notified of the Standard Chartered Bank Group exit from Zimbabwe and some other countries in the Middle East and Africa.

These include Angola, Cameroon, Gambia, Jordan, Lebanon and Sierra Leone.

The move is in line with the group’s new business model and strategic repositioning.

“The bank wishes to advise the public that, Standard Chartered Bank Zimbabwe Limited has formally advised that the Standard Chartered Group has made a decision to divest of its business interest in Zimbabwe,” said Dr Mangudya.

“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.”

Standard Chartered Bank is the oldest financial institution in Zimbabwe, having been established as Standard Bank in 1892. The current bank was created when Standard Bank merged with Chartered Bank in 1969.

-@SikhulekelaniM1