POSB Bank says the search for an ideal investor for the partial privatisation project is set to continue into the second half of the year.
The bank is one of the state entities earmarked by the government for partial privatisation. KPMG Advisory Services (Zimbabwe) are the consultants engaged to provide transactional advisory services on the process.
In a statement accompanying the bank’s financial results for the year ended December 31, 2021, POSB acting board chairman Israel Ndlovu said KPMG engaged relevant stakeholders in respect of the proposed privatisation.
“The final privatisation strategy was subsequently presented to and approved by the board and technical committee in February 2022. In light of this development, it is reasonable to anticipate that the identification of the ideal investors and proposals for the listing of the bank on the stock exchange will be ready for approval by Cabinet in the second half of 2022,” he said.