Zimbabwe banks given year to hand over shares

By Onias Chidzero (Nehanda Business Editor)

The Zanu PF side of the coalition government has given foreign owned banks operating in Zimbabwe one year to hand over 51 percent of their shares.

Zimbabwe banks given a year to hand over shares

According to a government notice issued last week all foreign-owned banks with a minimum net value of $1 had one year to reduce their shareholding to 49 percent.

The move however is being opposed by MDC-T Finance Minister Tendai Biti and Reserve Bank governor Gideon Gono who have argued that the country only has four foreign banks out of 26 financial institutions.

Nehanda Radio.com also understands the Zanu PF policy of company seizures will next year be extended to the energy, tourism and telecommunications sectors along with privately run schools.

Faced with dwindling support which culminated in an embarrassing loss to the MDC-T in harmonized presidential and parliamentary elections in 2008, critics accuse Zanu PF of trying to win votes ahead of the next election in 2013.

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