Breaking News

Government to sell stake in POSB

by Staff reporter
23 January 2013 | 3495 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

Could there be war if Grace Mugabe becomes President?

Yes
75.15%
No
8.88%
Who cares?
15.98%
338

Comments

Latest Classifieds (Click Here For More)

News Updates

Email:

Latest News

Open letter to Grace Mugabe - I AM sure you don't know me at all, bein...

by GP Ndlovu | 24 October 2014 | 2188 Views

Eziko Theatre Laboratory - WhatsApp update

by Byo Residents | 24 October 2014 | 1198 Views

'Mujuru's US ties behind fallout with Mugabe' - VICE-PRESIDENT Joice M...

by Staff reporter | 24 October 2014 | 5280 Views

Maid steals from dead employer - A MAID who had an affair with her la...

by Thubelihle Mabhena | 24 October 2014 | 3473 Views

'Joice Mujuru is corrupt and incompetent,' says Grace Mugabe - The Fir...

by Farirai Machivenyika and Felex Share | 24 October 2014 | 2297 Views

Makoni, leave Grace Mugabe alone - The First Lady is a natural pick by...

by Suitable Kajau | 24 October 2014 | 3610 Views

Man rapes donkey - A Tsholotsho teenager was arrested by after village...

by Staff Reporter | 24 October 2014 | 2410 Views

Prisoner admits to sodomising inmate - A 31 year old inmate at Khami M...

by Staff reporter | 24 October 2014 | 3003 Views

Sangoma (72) rapes minor - A 72 year old traditional healer allegedly ...

by Staff reporter | 24 October 2014 | 2373 Views

Tsvangirai faces eviction from Highlands' mansion - MDC-T leader Morga...

by Staff reporter | 24 October 2014 | 5290 Views

MDC factions headed for a clash - The two MDC formations that currentl...

by Staff reporter | 24 October 2014 | 2677 Views

'Mujuru's political future in Mugabe's hands' - Vice-President Joice M...

by Staff reporter | 24 October 2014 | 4803 Views

Grace Mugabe admits elevating Mujuru - First Lady Grace Mugabe yesterd...

by Staff reporter | 24 October 2014 | 2531 Views

Mugabe refuses to ditch Parly colonial bling - President Robert Mugabe...

by Staff reporter | 24 October 2014 | 2555 Views

Karikoga Kaseke sabotages Dr Grace Mugabe rally - Zimbabwe Tourism Aut...

by Staff reporter | 24 October 2014 | 3649 Views

Mujuru hit by phony cyber campaign - The Zanu-PF propaganda wars and m...

by Staff reporter | 24 October 2014 | 3573 Views

Zanu-PF's team Gamatox vs Team Zvipfukuto - Line-ups - As President R...

by Staff reporter | 24 October 2014 | 5175 Views

Robert Mugabe faces internal revolt - PRESIDENT Robert Mugabe is facin...

by Staff reporter | 24 October 2014 | 4157 Views

Grace Mugabe's War Vets speech - Video - https://www.youtube.com/wat...

by Staff Reporter | 24 October 2014 | 2377 Views

Victory and Going to Top Gears - Itai Dzamara - Victory and Going to T...

by Itai Dzamara | 24 October 2014 | 2315 Views

I salute you Cde Grace! - Dear Editor, I salute you cde Grace!I would ...

by Denford Madenyika (Denny) | 24 October 2014 | 3486 Views

Man in court for stealing friend's salary - A 26-year-old man stole hi...

by Staff Reporter | 24 October 2014 | 2471 Views

What did Grace Mugabe say to the War Vets? Word for word speech

by Staff Reporter | 24 October 2014 | 4858 Views

Mphoko distanced himself from land wrangle - ZIMBABWE'S former ambassa...

by Mashudu Netsianda | 24 October 2014 | 1450 Views

Crunch Zanu-PF Politburo meeting on today - THE crunch Zanu-PF Politbu...

by Staff reporter | 24 October 2014 | 2568 Views

EU hints on scrapping of sanctions against Zimbabwe - New British Amba...

by Lloyd Gumbo | 24 October 2014 | 1722 Views

'Mujuru owns 10% of Daily News,' says Grace Mugabe

by Staff reporter | 24 October 2014 | 3668 Views

Zanu-PF headed for a split - ZANU-PF could be on the verge of a split ...

by Elias Mambo | 24 October 2014 | 4448 Views

Zanu-PF problems now fierce and overwhelming, says Dabengwa - ZAPU lea...

by Staff reporter | 24 October 2014 | 3255 Views

No more 'obscene salaries' as govt unveils new salary scale for counci...

by Staff reporter | 24 October 2014 | 2471 Views

Entertainment

Carl Joshua Ncube to star in game show - Comedian Carl Joshua Ncube wi...

by Staff reporter | 23 October 2014 | 773 Views

LadyBee Anondida - Official video

by Staff Reporter | 23 October 2014 | 1890 Views

Zim representative in the Big Brother Africa survives eviction - Zimba...

by Staff reporter | 20 October 2014 | 2795 Views

Grace Mugabe's political comedy takes ZTV hostage - For the past two w...

by Staff reporter | 20 October 2014 | 5190 Views

Oliver Mtukudzi to deliver lecture at Musica 2014 - Zimbabwe's interna...

by Staff reporter | 19 October 2014 | 1552 Views

Gezha maoko - Ladybee (Official Video)

by Staff Reporter | 19 October 2014 | 2698 Views

Matebeleland Music & Arts Festival - Sivala umnyaka ngengoma lapho sit...

by Staff Reporter | 17 October 2014 | 1796 Views

Obediah Matulana releases Christmas DVD - Bulawayo-based musician Obed...

by Staff reporter | 16 October 2014 | 2081 Views
iBlog

Top 10 Causes Of Vaginal Bleeding After Intercourse

bleeding after sex can be rather alarming, and there could be many reasons why a woman would bleed after sex. though most women bleed after their first time having sex, if bleeding becomes frequent, there may be an underlying issue. below are the 1... Read More
adoniadennis 02 May 2014 ago

Positions To Make Female Orgasm Easier During Intercourse

some women are fortunate enough to be able to climax easily, and in almost any sexual position. the majority of women though, sometimes find it difficult to orgasm especially when they are with a partner. sometimes this difficulty is just a result ... Read More
adoniadennis 12 May 2014 ago