RBZ promises continuity at StanChart Zimbabwe

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Reserve money increased to $29,2 billion

THE Reserve Bank of Zimbabwe says Standard Chartered Bank Zimbabwe will continue to operate normally under its purview, even after the institution’s pending change of ownership.

In a statement, the reserve bank governor, John Mangudya, reiterated that the institution is adequately capitalised, liquid and profitable.

The Standard Chartered group announced last week that it is exiting a number of operations around the world, including Zimbabwe, to cut costs.

The group said it will leave Angola, Cameroon, Gambia, Jordan, Lebanon, Sierra Leone and Zimbabwe.

It will also close its retail banking units in Tanzania and Ivory Coast, to focus only on corporate banking.

“As we set out earlier in the year, we are sharpening our focus on the most significant opportunities for growth while also simplifying our business,” group chief executive Bill Winters said.

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