Zanu PF youths slam Barclays deal

HARARE - Zanu PF youth league leader Kudzanai Chipanga has expressed disappointment in the acquisition of Barclays Bank Zimbabwe (BBZ) by a foreign bank, questioning government’s sincerity in empowering locals.

BBZ was this week acquired by a Malawian financial institution — First Merchant (FMB) Bank — from Barclays PLC, despite efforts by local management to snap up the asset.

The deal comes as President Robert Mugabe’s Zanu PF government has been fiercely pushing its indigenisation policy, which compels foreigners to cede majority shareholding to black locals.

Barclays PLC held a 67, 68 percent stake in BBZ, which had been operating in Zimbabwe for decades.

Speaking at a Zanu PF youth rally —addressed by 93-year-old Mugabe – in Marondera yesterday, Chipanga said they were unhappy with the takeover of the strategic asset by foreigners.

“We are very saddened to read in the press that Barclays Bank is being sold and the people buying that bank are Malawians,” he said.

“The money we are hearing that the bank is being sold for is in the region of $30 million. We are worried. How can a bank be bought by people from outside our country. Have we failed as Zimbabweans?

“Have we failed as government? Have we failed to find people with money to buy a bank like Barclays Bank to assist Zimbabweans?” he questioned.

“We are talking of indigenisation. We can’t have a bank that is being controlled by people from far away, that’s where we have problems of sabotage.”

Chipanga’s remarks come as Saviour Kasukuwere, during his tenure as Indigenisation minister, threatened foreign banks over non-compliance with the empowerment policy.

He even gave them an ultimatum in 2012.

Meanwhile, pro-democracy activist Moses Chamboko also slammed government for its sudden silence on the indigenisation matter.

“The unusual silence from the ‘indigenisation brigade’ gives it away,” he said.

He questioned why the BBZ’s acquisition failed to attract the attention of those “who claim to be champions of indigenisation, including Mugabe’s nephew, Patrick Zhuwao”.

“Was this not a perfect opportunity to go for not only 51 percent but at least 68 percent ownership? Why was it not perfect sense to acquire BBZ,” Chamboko asked.

“Is it not a shame or at least a challenge when a Malawian bank buys BBZ while Zimbabweans watch without doing anything? Why didn’t we invest in this decent business?

“And yet, we have the guts to stand on roof tops and shout that Zimbabweans are the smartest people in southern Africa.”

Comments (8)

Nyaya iripo hamuna 3o million yacho. dai maive nayo makatenga. basa kuda power, kuba neku looter ma sesources enyika

GM - 3 June 2017

Crocodile tears!How many of your own banks have closed?Why does it matter now that the bank has been bought by a Malawian Bank?If it had been bought by the chinese none of this nonsense would be raised.It's simple: you have failed big time!

Tahir Iqbal - 4 June 2017

You cannot buy an asset if you have no capital. Malawians have run their banks profitably and have capital to invest abroad. BBZ used to be worth far more than the Malawians are paying for it now.

bexilford - 4 June 2017

musataure zvamusingazive.do you know of how FMB has failed its operations in Uganda?do you know of scandals around the acquisition involving RBZ? Kudzi ane zvaari kuziva n its all around self enrichment by people who control the banking system

terry - 5 June 2017

Zimbabwe has no money with which to buy BB so they sold to the Malawians who have money and will probably run the bank profitably too

smomo - 5 June 2017

Zimbabwe has no money with which to buy BB so they sold to the Malawians who have money and will probably run the bank profitably too

smomo - 5 June 2017

Mufana Chipanga just keep quite you are so so young ende hauna chaunoziva. Just eat what you are getting from Zanu Pf quietly or else ndinokuridza mbama. So you want the bank to close shop because muno hamuna mari. Whats wrong with Malawians. You are an idiot Chipanga. Hauna kuona hondo mufana as you were not yet conceived.

Madhunamutuna - 5 June 2017

Ane mari ndiye mukuru, kwete ane ruzha!

Sagitarr - 6 June 2017

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