Zimbabwe: FBC to Keep Turnall

28 February 2013

FBC HOLDINGS has no immediate plans to dispose of its 58 percent stake in Turnall Holdings after the group secured funds to meet regulatory minimum capital requirements for its banking units. The company had sought to dispose of the roofing and piping products manufacturer to an undisclosed investor to raise funding for the Reserve Bank of Zimbabwe minimum capital threshold.

Banks are required to comply with the phased capital thresholds for US$100 million capitalisation by June 2014, but were required to reach 25 percent of the threshold by December 2012. The RBZ requires banks to comply with the minimum thresholds within four six monthly phases.

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