RBZ sets deadline for bank's demerger

RBZ sets deadline for bank's demerger
Published: 11 December 2017 (1250 Views)
THE Reserve Bank of Zimbabwe (RBZ) has set December 31, 2017, as the deadline for the separation of ZB Financial Holdings Limited (ZBFHL) from Intermarket Holdings Limited (IHL), which will see banker Mr Nicholas Vingirai regaining his assets after a seven-year wait.

On Thursday last week, ZBFHL issued its second cautionary to members of the public and shareholders that discussions were presently under way that would likely impact on the institution's share price.

"Shareholders and members of the public are advised that ZB Financial Holdings (ZBFH or company) is engaged in negotiations concerning a material transaction which, if concluded, may have an effect on the price of the company's shares," said ZBFHL in the latest statement.

"Accordingly, shareholders and members of the public are advised to exercise caution and consult their professional advisors when dealing in the company's shares until full announcement is made or this cautionary is withdrawn."

ZBFHL board chairperson Professor Charity Manyeruke declined to comment and referred our Harare Bureau to the RBZ. So, too, did Mr Nicholas Vingirai, whose investment vehicle Transnational Holdings Limited (THL) owns IHL.

But sources privy to the negotiations said last week the parties — RBZ, ZBFHL and THL — met on December 6 to discuss the finer details of bringing closure to the long-standing issue. It was the second such meeting following discussions on June 23 this year.

"The Reserve Bank of Zimbabwe wants the matter to be resolved by December 31 this year, and the parties are currently negotiating," said a source.
"There was a meeting on Wednesday, which resolved to come up with a clear roadmap."

At the meeting, which was convened at the central bank, ZBFHL was represented by Prof Manyeruke, its legal advisors and transaction advisors, Imara, while THL was represented by Mr Vingirai and his legal team, including financial advisors, Ernest & Young.

It is understood that Government, which is worried about the interminable delays surrounding the deal, has taken a keen interest in the matter, especially considering that Cabinet approved the deal in February 2015.

There is also belief that separating the two groups can be "straight forward" and "quick" considering that the businesses are separately licensed and have different administrative structures.

It is believed that the demerger of the two financial institutions might affect some members of the ZBFHL management, who are accused of receiving over $25 million in alleged irregular payments between 2009 and 2016 from subsidiaries that are under Mr Vingirai's THL.

- chronicle

Tags: RBZ, Bank, Demerger,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

War vets demand $13.5 billion

by Staff reporter | 19 December 2018 | 64 Views

August 1 violence probe team nails Chamisa's MDC

by newzimbabwe.com | 19 December 2018 | 66 Views

War vets sue ZBC

by Staff reporter | 19 December 2018 | 60 Views

Mnangagwa to launch cattle breeding scheme

by Staff reporter | 19 December 2018 | 55 Views

Boy (16) arrested for carjacking

by Staff reporter | 19 December 2018 | 60 Views

Zimbabwe, SA border authorities brace for increased traffic

by Staff reporter | 19 December 2018 | 52 Views

Ministry official off the hook

by Staff reporter | 19 December 2018 | 57 Views

Mutare eyes smart city status

by Staff reporter | 19 December 2018 | 50 Views

Black Panther star Danai in Zimbabwe

by Staff reporter | 19 December 2018 | 49 Views

Kamambo, Chiyangwa bury hatchet

by Staff reporter | 19 December 2018 | 52 Views

Granny, grandson axed to death

by Staff reporter | 19 December 2018 | 48 Views

Chicken Inn snap up attackers

by Staff reporter | 19 December 2018 | 50 Views

Zimbabwe pushes to abolish death sentence

by Staff reporter | 19 December 2018 | 46 Views

Cassava makes history

by Staff reporter | 19 December 2018 | 50 Views

Police urged to deploy vehicles to critically needy areas

by Staff reporter | 19 December 2018 | 51 Views

Peak season at Beitbridge border

by Staff reporter | 19 December 2018 | 51 Views

Zanu-PF recovers 15 vehicles from expelled members

by Staff reporter | 19 December 2018 | 49 Views

Crucial findings in the commission of inquiry report

by Staff reporter | 19 December 2018 | 45 Views

War vets storm Mnangagwa office

by Staff reporter | 19 December 2018 | 45 Views

Tendai Biti tears into Mthuli Ncube's budget

by Staff reporter | 19 December 2018 | 38 Views

State admits lack of documentary evidence in Mandiwanzira case

by Staff reporter | 19 December 2018 | 25 Views

Mukanya in make-up gig

by Staff reporter | 19 December 2018 | 23 Views

Police shoot, injure 2 robbers

by Staff reporter | 19 December 2018 | 24 Views

Parliament has final say on death penalty

by Staff reporter | 19 December 2018 | 25 Views

Mugabe's ex-minister fights default judgment

by Staff reporter | 19 December 2018 | 28 Views

Killer army pilot jailed

by Staff reporter | 19 December 2018 | 29 Views

Harare City Council sells land to raise salaries

by Staff reporter | 19 December 2018 | 27 Views

No coups in 2018: Will 2019 be so stable?

by Clayton Besaw | 19 December 2018 | 46 Views

August 1 massacre commander's promotion raises stink

by Editorial - newsday | 19 December 2018 | 54 Views

Harare hit by serious water chemical shortages

by Staff reporter | 19 December 2018 | 25 Views

Man fatally strikes wife over infidelity

by Staff reporter | 19 December 2018 | 34 Views

Foreign-based motorists urged to use eTIP facility

by Staff reporter | 19 December 2018 | 32 Views

Miner lays contempt of court charge against Nyambirai

by Staff reporter | 19 December 2018 | 26 Views

Exchange control is the central problem facing Zimbabwe at present

by Eddie Cross | 19 December 2018 | 45 Views

'Female MPs overshadowed by men in Eighth Parliament'

by Staff reporter | 19 December 2018 | 22 Views

Kamambo reaches out to loser Chiyangwa

by Staff reporter | 19 December 2018 | 42 Views