Breaking News

Government to sell stake in POSB

by Staff reporter
23 January 2013 | 3573 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

Are housemaids an evil lot?

Yes
27.18%
No
64.54%
Not sure
8.28%
471

Comments

News Updates

Email:

Latest News

Disrespectful men attack woman in public over short dress - Video - Th...

by Moyo Roy | 18 December 2014 | 1461 Views

Zanu-PF workers to get bonuses - PRESIDENT Robert Mugabe's cash-strapp...

by Staff reporter | 18 December 2014 | 1094 Views

Telecel launches 'keep your digits' promotion - The battle to win over...

by Staff reporter | 18 December 2014 | 1190 Views

The President's dismissal of VP Mujuru is a welcome development - The ...

by Mukachana Hanyani | 18 December 2014 | 2437 Views

Mnangagwa, Grace Mugabe plot takeover - Emmerson Dambudzo Mnangagwa is...

by Staff reporter | 18 December 2014 | 5264 Views

Didymus Mutasa linked farm invaded - MAKONI farmer Dumisani Daniel Mli...

by Staff reporter | 18 December 2014 | 2528 Views

ZSP applications concerns and warning - It is about 2 weeks before the...

by Butholezwe Nyathi (National Coordinator-MWA-SA) | 18 December 2014 | 2173 Views

Mujuru's political obituary? Don't write her off yet!!

by Maggie Mzumara | 18 December 2014 | 2460 Views

Panic over Form 1 places - PANIC and desperation have gripped many par...

by Staff reporter | 18 December 2014 | 1622 Views

2014 in Zimbabwe politics - WHAT a year in politics 2014 has been! Mov...

by Andrew Kunambura and Ray Ndlovu | 18 December 2014 | 646 Views

Call for Mnangagwa to rule is as absurd as letting a rapist finish

by Wilbert Mukori | 18 December 2014 | 2639 Views

Mugabe's target survives

by Staff reporter | 18 December 2014 | 2915 Views

Tendai Biti speaks about Zanu-PF - Video - "Emmerson can replace Mujur...

by Staff reporter | 18 December 2014 | 1511 Views

'Its inqayi not udiwo lwamahewu, Dairiboard please get that straight'

by Concerned Citizen | 18 December 2014 | 1708 Views

Ndebele language cartoon - Picture - Following the mutilation of the N...

by Staff reporter | 18 December 2014 | 2371 Views

Man steals prostitute's cellphone for denied 'seconds'

by Nokusa Masuku | 18 December 2014 | 2697 Views

White Africa President rejects cabinet's call for resignation

by Reuters | 18 December 2014 | 2397 Views

'Mugabe stole my Xmas'

by Staff reporter | 18 December 2014 | 2024 Views

Tsvangirai wants Biti, Ncube back - Video

by Staff reporter | 18 December 2014 | 2328 Views

MDC-T council to name suburb after Mujuru

by Staff reporter | 18 December 2014 | 2502 Views

Students rejects Muchinguri as Higher Education minister - Zimbabwe Na...

by Staff reporter | 18 December 2014 | 3037 Views

'It's not over,' says Mutasa

by Staff reporter | 18 December 2014 | 3968 Views

Mnangagwa, Holland in peace push - Acting President Emmerson Mnangagwa...

by Staff reporter | 18 December 2014 | 2367 Views

'Ben 10' bashes sugar mummy during a church service

by Plaxcedes Hove | 18 December 2014 | 2987 Views

Senior Zanu-PF officials arrested - TOP Zanu-PF officials were yesterd...

by Lovemore Mataire and Elita Chikwati | 18 December 2014 | 2713 Views

Woman hangs self over a missing $10 - A BULAWAYO woman committed suici...

by Nqobile Tshili - Oswell Moyo | 18 December 2014 | 1678 Views

Extra-marital affair ends in a bloodbath - AN extra-marital affair bet...

by Sukulwenkosi Dube | 18 December 2014 | 2669 Views

Didymus Mutasa warned

by Lovemore Mataire | 18 December 2014 | 2365 Views

Entertainment

Designer sale off 2014

by Hunnar Agency | 18 December 2014 | 427 Views

10 Zim designers to feature in iFashion Fest 2014

by Hunnar Management Agency | 18 December 2014 | 371 Views

Kunonga releases fourth album, Kwedu - AFRO-JAZZ singer Victor Kunong...

by Staff Reporter | 18 December 2014 | 350 Views

Ibumba roars into life with Tuku expected to headline the event - THE ...

by Simbarashe Mutizwa | 16 December 2014 | 942 Views

Hollywood star 007 in drive to save Zimbabwe elephants - HOLLYWOOD st...

by Staff Reporter | 16 December 2014 | 2441 Views

T1 Wema1 drops new single 'Anochera Ngoda'

by Staff Reporter | 15 December 2014 | 1359 Views

Miss World 2014 - LIVE Grand Final - https://www.youtube.com/watch?v...

by MissWorld | 14 December 2014 | 4652 Views
iBlog

Those Behind Tb Joshua Watch Photo Proof!

when this couple (dave and angie) were indicted of being the masterminds behind tb joshua watch, the blog admins refuted it and denied any sort of connections with the couple, but that’s not what the facts portray as precisely every single one ... Read More
pointblank 13 July 2014 ago

Advanced Systemcare Free To Optimize The Os Still Support Xp

the update systemcare free 7.3.0.456 (a set of tools to optimize the operating system) – now available.advanced systemcare is a free package to optimize, tweak, fix bugs and improve the overall performance of the operating system.the program anal... Read More
ITnews 02 June 2014 ago