Breaking News

Government to sell stake in POSB

by Staff reporter
23 January 2013 | 3425 Views
The Government has agreed to relinquish a 49 percent stake in People's Own Savings Bank (POSB) following approval of the restructuring and privatisation plan which will transform the bank into a commercial entity, a Cabinet Minister has said.

The government wholly owns POSB with its focus biased towards the poor and small to medium enterprises (SMEs).

State Enterprises and Parastatals Minister Gorden Moyo said the government was prepared to sell 49 percent shareholding in POSB to an identified partner.

"We made a decision as a ministry to privatise POSB through the Inter-Ministerial Committee on Commercialisation and Privatisation of Parastatals.

"The decision was taken to Cabinet and was ratified and it is through that a position was reached for government to remain with 51 percent shareholding and 49 percent going to strategic partners," he said.

Government last year identified 10 State enterprises and parastatals for commercialisation and privatisation among them the National Railways of Zimbabwe (NRZ), NetOne and TelOne.

Minister Moyo said the approved restructuring would bring in a fresh start to the bank that would impact on the shareholding structure.

"The Ministry of Finance will have to come up with a Statutory Instrument to amend the People's Own Savings Bank (POSB) Act so as to facilitate transformation of the financial institution into a commercial bank," he said.

He said according to the approved restructuring plan, POSB would retain its component of being biased towards the poor and small to medium enterprises (SMEs).

It is proposed to introduce a commercial unit within POSB to compete with other commercial banks while its social side remained.

The POSB was established in 2000 after the unbundling of the Post and Telecommunications Corporation (PTC) in 1999 created four entities including Zimpost, NetOne and TelOne.




It is a deposit taking institution administered under the POSB Act and is supervised by the Reserve Bank of Zimbabwe (RBZ) in terms of Sections 45-52 of the Banking Act.

The POSB is not required to comply with the minimum capital requirements prescribed by the RBZ and is also exempted from paying corporate tax.


POSB

Source: New Ziana

Should airtime and street vendors pay the $1 a day State levy?

Yes
11.63%
No
81.98%
Desperation
6.39%
877

Comments

News Updates

Email:

Latest News

'I am looking for Sidanile and Nkosilathi Nyathi' - WhatsApp update - ...

by Gervasio Tshuma | 01 September 2014 | 434 Views

Shame on you! - We are living on precious time. The young Zimbabwean ...

by Tafadzwa Murwisi | 01 September 2014 | 1024 Views

Six injured in road accident - Pictures - Six people were reportedly i...

by Staff reporter | 01 September 2014 | 1601 Views

'New Zimbabwe' by 2018 - The year is 2018 and the spotlight is on a sm...

by Obert Gutu | 01 September 2014 | 1962 Views

Mugabe raps Zanu-PF Harare leadership - President Robert Mugabe has sl...

by Staff reporter | 01 September 2014 | 1246 Views

Australia's shock one-day defeat to Zimbabwe raise alarm bells - Melbo...

by Reuters | 01 September 2014 | 1199 Views

Mthwakazi does not need sympathy from Zimbabweans - Editor,The recentl...

by David Magagula | 01 September 2014 | 1521 Views

Zimbabwe Chief Justice's offices burgled - Unknown people broke into C...

by Staff reporter | 01 September 2014 | 1493 Views

'I'm in control,' says Mugabe - President Robert Mugabe has stamped au...

by Staff reporter | 01 September 2014 | 3721 Views

'Mugabe's octopus grip on power has impoverished Zimbabwe' - MDC-T lea...

by Staff reporter | 01 September 2014 | 1180 Views

Avenging spirit kills 20 family members in 2 years

by Danisa Masuku | 01 September 2014 | 4231 Views

Sister attempts to bed brother

by Chido Macherenje | 01 September 2014 | 4740 Views

Marriage collapses as uncle sends married niece explicit pictures

by Staff reporter | 01 September 2014 | 4985 Views

Brutal attack over missing foreskins - AN action-packed drama reported...

by Staff reporter | 01 September 2014 | 2766 Views

Man displays 'girlfriend's' picture in matrimonial bedroom - A MADLY i...

by Staff reporter | 01 September 2014 | 3570 Views

Drama as man breaks woman's leg for dancing with another man - HELL ha...

by Michael Magoronga | 01 September 2014 | 2631 Views

Haulage truck accident survivors speak out - TWO passengers who surviv...

by Staff Reporter | 01 September 2014 | 2224 Views

Meet the new Miss Gweru

by Sukoluhle Ndlovu | 01 September 2014 | 1596 Views

Stillborn baby goes missing from hospital - A STILLBORN baby reportedl...

by Danisa Masuku | 01 September 2014 | 1564 Views

Uncle rapes pregnant new bride - INSTEAD of ensuring her niece's safet...

by Michael Magoronga | 01 September 2014 | 3163 Views

'Ngidinga izihlobo zakithi' - jhb south Africa 2014-08-22 19:13:38Mina...

by Thabani Dlamini | 01 September 2014 | 1567 Views

Mugabe returns from China with a bag of secretive agreements

by Staff reporter | 01 September 2014 | 2489 Views

Gono mysteriously travelled to US while under US travel embargo

by Staff reporter | 01 September 2014 | 3437 Views

Rapist claims he owns teen victim's privates

by Auxilia Katongomara | 01 September 2014 | 2292 Views

Robert Mugabe, a victim of Zanu-PF lies

by Staff reporter | 01 September 2014 | 1894 Views

Man defrauds Ecocash agents

by Staff Reporter | 01 September 2014 | 2682 Views

San language lobbyist Banini Moyo dies - SAN language lobbyist Moffatt...

by Staff Reporter | 01 September 2014 | 1553 Views

Indian cyclist on world tour to raise awareness on Aids arrives in Zimbabwe

by Staff Reporter | 01 September 2014 | 952 Views

Woman claims maintenance from two men for upkeep of daughter

by Staff Reporter | 01 September 2014 | 1849 Views

Entertainment

ZBC receives TV programmes from South Korea - The Korean Ambassador to...

by Staff Reporter | 29 August 2014 | 2171 Views

Roki cancels SA show

by Sophia Chese | 29 August 2014 | 1925 Views

Zimbabwe Got Talent on the cards - CHINESE Federation of Zimbabwe (CFZ...

by Staff reporter | 28 August 2014 | 1649 Views

Tuku to Deliver Inaugural Hugh Masekela Lecture

by Staff Reporter | 28 August 2014 | 2139 Views

Controversy over Bev's album - Newly-appointed Msasa Bricks Ambassador...

by Staff reporter | 27 August 2014 | 2580 Views

Viewers slam 'sub-standard' ZBCtv program - VARIOUS ZBCtv viewers have...

by Staff reporter | 27 August 2014 | 2539 Views

John Legend cancels Zimbabwe show

by Showbiz Reporter | 27 August 2014 | 4843 Views

Macheso's yet to be released album sold on Harare streets - Pirates ha...

by Staff reporter | 26 August 2014 | 3832 Views