Zanu-PF wants govt to reverse sale of Barclays due to indigenisation laws

Kudzai Chipanga, leader of the ZanuF Youth League wants President Mugabe to reverse the sale of Barclays Bank of Zimbabwe (BBZ) to First Merchant Bank of Malawi (FMB). According to Chipanga, the sale is in direct violation of the country’s indigenisation laws and leaves the country open to sabotage.

Speaking at last week’s “Meet the Youth” rally in Marondera, Chipanga said:

We are worried that Barclays is being bought by a foreign company instead of locals. This raises the risk of foreigners sabotaging us,

We want to ask if there is nothing the government can do to be able to buy the Barclays stake in line with indigenisation laws. We have banks such as CBZ and we have to look at other (ways) on how we can have locals owning the bank,

More: The Zimbabwean