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Standard Chartered Bank Group Selling Its Zimbabwean Subsidiary

Standard Chartered Bank Group Selling Its Zimbabwean Subsidiary

Standard Chartered Zimbabwe Limited is set to change ownership after Standard Chartered Bank Group announced that it will be selling off subsidiary business interests in some countries in the Middle East and Africa, including Zimbabwe. The process which is called Divestiture is said to be in line with the Group’s new business model and strategic repositioning. In a statement, seen by Pindula News, Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Panonetsa Mangudya, said the change will not affect Standard Chartered Bank Zimbabwe’s operations. Reads the statement by the central bank:

DIVESTITURE OF STANDARD CHARTERED BANK GROUP’S INTEREST IN ZIMBABWE

The Reserve Bank of Zimbabwe (the Bank) wishes to advise the public that, Standard Chartered Bank Zimbabwe Limited has formally advised that the Standard Chartered Bank Group has made a decision to divest of 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 capitalized, liquid and profitable will continue to operate normally under the purview of the Bank.

John. P. Mangudya Governor 21 April 2022

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11 Comments

Ini Zvangu 3 months ago

When Dr Nostro says things are normal, trend with care because history tells us that he means the opposite. Stay guided by the one is to one mantra.


34 3 months ago

i uriwe mangudya wayiisa maneasures akaitasei kuti mabanks asavhara
list 4 legal & economic tooks wud you implement against shutting down of banks

Isaac 3 months ago

Yes! And if all goes well, it's gonna close 🤦

YELLOW CARD 3 months ago

what what ,,,what what ,, so on


Chisa 3 months ago

C hange the government Chete Chete


mutuli Ncube 3 months ago

we lost value for our monies ....and the mangudya guy promised to resign if the bond fails ....he is still sayn things will work up to now...beware


@gmail.com 3 months ago

mangudya wangu u have failed your bond note is not working and banks are closing please resign and go home and leabe the room for a change


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Ian Mapuranga 3 months ago

Zimbabwe economics sometimes you can't just understand them.....They are selling because apparently Standard Chartered Zimbabwe operations are in the same category with those operations which contributed 1% to their annual surplus..........

Let's say that's true why are they selling.......Who buys a bank which is not that much profitable in a volatile economy of ours.......

Last time Barclays Zimbabwe said the same thing only to sell the bank for around US $60 million........Many companies in Zimbabwe will tell you that the Zimbabwean economy is not growing and yet they are selling their operations while others complain of a difficult economic environment and yet they are investing in another countries using profits from their Zimbabwean operations ...........

in the early 2000s and around 2006-2008 when many companies closed this is not how they closed........

Another thing is the issue of workers when companies close in Zimbabwe workers who sacrificed a lot for these companies sometimes not being paid living wages are usually given 3 months salary as a retrenchment package while the outgoing companies take millions with them....ITS SAD


saka waida kupihwei 3 months ago

so as an investor migrating u wanted to give them millions for what ?
remember its an ongoing business ,which will be operating to another continent

why living sone funds behind

Marvelous Nakamba 3 months ago

Iam willing to buy the bank . How much is it. l have the funds to purchase. Age is now catching me , lam thinking of investing . Come to me as soon as possible


Kuda Tagwirei 3 months ago

we are on it my bro
my Lawyers are already on the ground
deed transfer
change of ownership etc
i urge to do more investments in Estate
since sport carrier is a short live in history
5years to come
you will be grounded with a lot of injuries & the perforamance will be in a blik
come on invest more in properties my friend
email me on ktagwi&outloo.yahoo.com


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