Breaking News

Government to sell stake in POSB

by Staff reporter
23 January 2013 | 3375 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

Do you agree that foreskins of circumcised men could be used for witchcraft?

Yes
54.35%
No
14.35%
Hogwash
31.3%
230

Comments

News Updates

Email:

Latest News

Mugabe's Zanu-PF burning over Baba Jukwa - Analysts have said the ugly...

by Staff reporter | 25 July 2014 | 717 Views

'MDC-T infighting weakens Zanu-PF challenge' - Infighting within Morga...

by Thelma Chikwanha | 25 July 2014 | 337 Views

8 people die in Kombi crash - WhatsApp update

by Concerned Citizen | 25 July 2014 | 2016 Views

'I'm the sweetest, coolest guy,' says Malema

by Sapa | 25 July 2014 | 1539 Views

Baba Jukwa saga: 'Mathuthu has NOT fled Zimbabwe'

by Ndou Paul | 25 July 2014 | 2379 Views

Welshman Ncube responds to Tsvangirai - Full statement - Press Release...

by Welshman Ncube | 25 July 2014 | 1948 Views

Zim woman killed in SA, chopped head found on bed - A family believed ...

by Staff reporter | 25 July 2014 | 2752 Views

Duty-free car importation with effect from this month - Churches and o...

by Staff reporter | 25 July 2014 | 3183 Views

Popular Zimbabwean lawyer appointed as AAI Deputy Executive Director -...

by Staff reporter | 25 July 2014 | 1136 Views

Hosiah Chipanga unveils own 'commandments' - CONTROVERSIAL musician, p...

by Liberty Dube | 25 July 2014 | 1721 Views

Tsvangirai in London

by Ndou Paul | 25 July 2014 | 1639 Views

'Rogue' gynaecologist films patients

by Sapa-AP | 25 July 2014 | 1886 Views

Chinotimba caught playing soccer

by Sports reporter | 25 July 2014 | 2961 Views

State hospitals run out of vital medicines

by Staff Reporter | 25 July 2014 | 558 Views

Zim churches urged to pray for Zim-Asset - THE Minister of State for M...

by Staff Reporter | 25 July 2014 | 480 Views

Bus conductor assaults police officer - A POLICE officer sustained a w...

by Clara Mudefi | 25 July 2014 | 1277 Views

Granny jumps off moving kombi, dies - MYSTERY shrouds the tragic death...

by Liberty Dube | 25 July 2014 | 1633 Views

Man tires of cheating wife's shenanigans - THE husband of Laiza Kangom...

by Liberty Dube | 25 July 2014 | 1793 Views

Prophet Makandiwa miraculously heals a Mutare boy

by Ngoni Dapira | 25 July 2014 | 2048 Views

Grace Mugabe to be anointed the new Zanu-PF Women's League boss

by Staff reporter | 25 July 2014 | 1446 Views

Carjackers jailed

by Staff reporter | 25 July 2014 | 789 Views

Government must set priority right - During my childhood in the dry la...

by Tafara Shumba | 25 July 2014 | 478 Views

Mugabe seeks $1.4billion World Bank reprieve

by Itai Gwatidzo Mushekwe | 25 July 2014 | 1542 Views

Econet dismiss Zimra investigations report as false and defamatory

by Press release | 25 July 2014 | 888 Views

UK not reversing Zimbabwe deportations

by Staff reporter | 25 July 2014 | 1794 Views

'Speak in Shona,' Speaker tells Ndebele minister

by Staff reporter | 25 July 2014 | 4364 Views

Obert Mpofu's tollgate fee figures do not add up

by Staff reporter | 25 July 2014 | 1435 Views

Zanu-PF poll regulations to 'gamatox' weevils - THE rules and regulati...

by Staff reporter | 25 July 2014 | 837 Views

'Morgan Tsvangirai delusional' - EMBATTLED MDC-T leader Mr Morgan Tsva...

by Staff reporter | 25 July 2014 | 1194 Views

Entertainment

Carl Joshua Ncube to tour with brand new material - The brand new stan...

by Staff Reporter | 24 July 2014 | 649 Views

Macheso gears up for UK tours - In an apparent joint preparation for t...

by Entertainment reporters | 23 July 2014 | 1400 Views

DJ Munya is back - After a two-year hiatus, DJ Munya - real name Munya...

by Entertainment Reporter | 23 July 2014 | 2468 Views

White guy plays chitekete - https://www.youtube.com/watch?v=kp16XF-Tcf...

by Staff Reporter | 23 July 2014 | 3635 Views

Beyonce and Jay Z to separate - claims - Jay Z and Beyonce are reporte...

by Staff reporter | 22 July 2014 | 3527 Views

No talent is meant for the grave, Dr Nkomo Commemoration - The prepara...

by Nokutula Ncube | 22 July 2014 | 1098 Views

Miss Curvy dinner flops

by Yeukai Karengezeka | 21 July 2014 | 5556 Views