Breaking News

Government to sell stake in POSB

by Staff reporter
23 January 2013 | 3768 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

Is Itai Dzamara eyeing the US Green Card?

Yes
19.12%
No
75%
Not sure
5.88%
408

Comments

News Updates

Email:

Latest News

PSL in goals - 99 scores from 66 players - The Castle Lager Premier L...

by Thobekile Zhou | 27 April 2015 | 154 Views

Police biased against men who report cases of gender based violence - ...

by Marvelous Moyo | 27 April 2015 | 535 Views

Motorist runs over traffic cop at roadblock - A BULAWAYO police office...

by Loveness Bepete | 27 April 2015 | 1318 Views

Cassper Nyovest overwhelmed by the warm reception from Zimbabweans - S...

by Bongani Ndlovu | 27 April 2015 | 1089 Views

Tsvangirai threatens to evict resettled farmers - MDC-T leader, Morgan...

by Walter Mswazie | 27 April 2015 | 1198 Views

Guta Ra Mwari leader's son buried - CHEGUTU West Member of Parliament ...

by Mashudu Netsianda | 27 April 2015 | 1137 Views

Italian Mafia smuggles $450 million Zimbabwean diamonds - A Sicilian M...

by Staff reporter | 27 April 2015 | 783 Views

Vendors refuse to vacate CBD - Street vendors in Kadoma have vowed to ...

by Staff reporter | 27 April 2015 | 421 Views

Mliswa seeks acquittal on 'illegal' gun possession charges - Former Hu...

by Staff reporter | 27 April 2015 | 357 Views

Grace Mugabe dumps 'Gang of Four' ....as - knives sharpen against Kas...

by Staff reporter | 27 April 2015 | 1941 Views

Zanu-PF youths storm church over land - At least 1 000 Zanu-PF youths ...

by Staff reporter | 27 April 2015 | 508 Views

Kasukuwere dismisses alleged rift with Mnangangwa - Zanu-PF national p...

by Staff reporter | 27 April 2015 | 598 Views

Pioneer Coaches lays off 80 workers - Some 80 workers at Pioneer Coach...

by Staff reporter | 27 April 2015 | 755 Views

Zimbabwean banks tighten lending terms - The impact of the current liq...

by Staff reporter | 27 April 2015 | 589 Views

Granny (93) assaulted over child maintenance by 20 year old

by Staff Reporter | 27 April 2015 | 594 Views

Bulawayo water safest in the country - ZimStat

by Staff Reporter | 27 April 2015 | 490 Views

Witchcraft allegations over stolen panties

by Staff Reporter | 27 April 2015 | 757 Views

Dad walks undressed in the house infront of teen daughters

by Staff Reporter | 27 April 2015 | 1369 Views

Govt reviewing draconian contracts for doctors - Government is re-exam...

by Staff Reporter | 27 April 2015 | 502 Views

Mugabe admits Zim economy is in 'dismal state' to Zuma - Mugabe surpri...

by Wilbert Mukori | 27 April 2015 | 1565 Views

Tsvangirai's 'No Reforms - No Election' rallies are receiving full att...

by Prof Richard M Simango | 27 April 2015 | 994 Views

Manheru: 'Fire breathing' in a grass thatch hut! - Why is every artic...

by Delight Mafika | 27 April 2015 | 700 Views

Patients, Prisoners to vote in 2018 - ZEC

by Staff Reporter | 27 April 2015 | 576 Views

Bulawayo 'blood hunter' stabs granny twice

by Staff Reporter | 27 April 2015 | 678 Views

Tsvangirai was misled to think he is face of Zimbabwe - Analysts

by Stephen Jakes | 27 April 2015 | 745 Views

Country hit by intra - inter party violence - ZPP - The Zimbabwe Peac...

by Stephen Jakes | 27 April 2015 | 447 Views

SA official claim Zim government never helped it during war - Sikhala

by Stevenson Jackson | 27 April 2015 | 1476 Views

Mphoko ashamed of Dumiso Dabengwa

by Staff Reporter | 27 April 2015 | 1197 Views

Gold mine collapse, 1 dead - A 24-year-old man was killed early last w...

by Staff reporter | 26 April 2015 | 3229 Views

Entertainment

Big Nuzz finally dates Byo

by Staff Reporter | 27 April 2015 | 506 Views

Emily Kachote crowned Miss World Zimbabwe 2015 - Beautiful, Emily Tata...

by Staff reporter | 26 April 2015 | 2828 Views

Cassper Nyovest's show not for free - SOUTH African, rapper Cassper Ny...

by Tafadzwa Zimoyo | 23 April 2015 | 3194 Views

Charambas cancel SA tour due to xenophobia - Celebrated gospel artiste...

by Staff reporter | 23 April 2015 | 2343 Views

DJ Sbu's MoFaya hits Bulawayo - Controversial South African TV and ra...

by Staff reporter | 21 April 2015 | 6696 Views

'Miss World racist,' says Chiwenga - Zimbabwe's representatives at wor...

by Melissa Mpofu | 20 April 2015 | 3903 Views

Zimbabwe music star conducts music workshops in Malawi

by Stephen Jakes | 19 April 2015 | 3045 Views
iBlog

Is Pregnancy Putting Your Sexual Life On Pause?

it is often believed that once you become pregnant there is no way that you can have sexual intercourse until that baby is born, which results in placing a strong hold on different couples sex lives. in this article we are going to focus on how yo... Read More
adoniadennis 08 December 2014 ago

The Zero-day Vulnerability Cve-2014-4114 Impacting All Versions Of Microsoft Windows

new microsoft windows zero-day vulnerability - cve-2014-4114on tuesday, october 14, 2014, isight partners - in close collaboration with microsoft - announced the discovery of a zero-day vulnerability impacting all supported versions of microsoft win... Read More
SecNews 16 October 2014 ago