ZIMRE Holdings Limited has sold its entire shareholding in undercapitalised banking subsidiary Genesis Investment Bank to an unidentified consortium of local and foreign investors. While the identity of the new owners remained a secret, FMB Malawi was among the foreign suitors vying for ZHL's majority stake.
ZHL chairman Mr Ben Kumalo had indicated last year that the group would dispose of its stake in the banking unit to focus on its core business.
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