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
In short the Bank can no longer operate profitably in an environment whose economics is undefined and business projection is below zero and finally profitability, the maxim of any entrepreneur in a buoyant environment would envy for is non-existent…. “But open for looting is the mantra being pursued”…