HARARE - Four top commercial banks and one investment house have been issued with licences as "custodians" of local securities in Zimbabwe.
The securities licences are issued by the Securities Commission of Zimbabwe (SECZ) led by A D Chirume as Chief Executive.
The financial institutions issued with licences for the year ending December 31, 2011 are Barclays Bank, Stanbic, Standard Chartered Bank Zimbabwe and ZB Bank Limited.
Barclays is United Kingdom-controlled but has already offered to give substantial shareholding to its workers under the new indigenisation regulations by government.
Stanchart is UK-controlled with its Head Office in London. It is also not listed on the ZSE.
ZB Bank is a subsidiary of the Zimbabwe Financial Holdings Limited currently led by former Finance Permanent Secretary, Elisha Mushayakarara.
It is listed on the ZSE and has a market capitalisation of $13,965,262.96.
The SEC said Three Anchor Investments (Private) Limited, trading as Old Mutual Custodial Services, has also been allowed to be securities custodians in Zimbabwe.
Old Mutual is South African-based and is listed on the ZSE with a market capitalisation of $100,624,790.40.
Old Mutual, arguably Zimbabwe’s largest and most influential insurance entity, has received a tongue-lashing from a visibly angry President Robert Mugabe who accused it of milking the country and benefitting at its expense.
Post published in: Economy