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SA banks comply with Zim indigenisation laws

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Harare - All foreign owned banks operating in Zimbabwe have submitted credible indigenisation and economic empowerment plans in line with the March deadline.

According to a report by local news agency, Financial Express, all foreign banks including South African owned Stanbic (Standard Bank), MBCA (Nedbank) and CABS (Old Mutual) have submitted empowerment plans.

“I am pleased to advise that all the affected foreign financial institutions operating in Zimbabwe have submitted credible Indigenisation and Economic Empowerment plans before the 31st March 2016 in line with policy notice gazetted by the Minister of Youth, Indigenisation and Economic Empowerment,” said a statement released by Minister of Finance and Economic Development Patrick Chinamasa.

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