Zimbabwe: POSB to Privatise

THE People's Own Savings Bank (POSB) has taken the first steps towards courting a strategic partner to inject capital and allow the financial institution to fund Zimbabwe's struggling productive sectors, the Financial Gazette's Companies & Markets can report. Chartered accountants, Grant Thornton Camelsa, have won the tender to implement government's approved restructuring that will transform the parastatals' shareholding structure and turn the banking institution into profitability, it has emerged.

Government wants to see improvement in the bank's capacity to underwrite more business to the productive sectors, according to official documents seen by this newspaper. It would appear government, which wholly-owns POSB, would look offshore for a strategic partner. Domestic investors are cash-strapped due to a liquidity crunch and have been unable to support local investments desperate for cash.

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