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ZB seeks removal of sanctions

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Harare, April 01, 2013 – Market analysts have said if the Zimbabwe Banking group is removed under the United States Office Foreign Assets Control list of Specially Designated Nationals, it will open opportunities for the group.

“The group is still on the United States Office Foreign Assets Control list of Specially Designated Nationals. Nonetheless, the group has managed to maintain a strong depositor base. We believe the removal of the restrictive measures will open opportunities for group,” said the analysts.

The group continues to evaluate the possibility of a technical and strategic partner. The litigation in which Transnational Holdings is challenging the acquisition by ZB Financial Holdings (ZBFH) of a controlling stake in Intermarket Holdings is still pending. ZBFH has a significant asset base, with significant potential to unlock shareholder value in the future.

ZBFH reported muted financials as total income grew 3% to USD 96.3m. The loan to deposit ratio improved to 60% from 67% as focus was on liquidity management.

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