But the Rands from Kingdom are only available to customers using Automated Teller Machines in Bulawayo and Beitbridge, while Barclays customers are entitled to this deal countrywide. The Rand has been gaining strong ground against the US dollar – customers can now get about four SA Rands to the dollar, down from about 10 Rands six months ago. Both banks have already begun advertising their latest offering.
Barclays currently has a market capitalisation of US$133,459,970.91 on the Zimbabwe Stock Exchange (ZSE). Its share price stands at US$0.06 on the bourse. It is the only foreign-owned commercial bank listed on the ZSE but controlled from London in the United Kingdom (UK).
The CEO, George Guvamatanga, has already told President Robert Mugabe’s cash-strapped government that his financial institution is “willing to cede” some of its control to indigenous Zimbabweans who must own at least 51 percent equity according to the new Indigenisation Act passed by Parliament.
Mugabe has at various forums, including at funerals, accused Barclays of “reaping where it does not sow” and sending its profits to Head Office in London. Kingdom is part of the Financial Holdings empire founded by mogul, Nigel Chanakira, and currently preparing its listing documents to re-enter the ZSE after its “famous divorce” from Meikles Africa. Chanakira is expected to bounce back as Group CEO replacing current boss, Lynn Mukonoweshuro, during the fourth quarter after the group re-lists on the bourse.
Post published in: News