Zimbabwe’s Biti in Bid to Create Separate Black-Ownership Rules for Banks

QBy Godfrey Marawanyika - Aug 23, 2011 5:52 PM GMT+0200 .

Zimbabwe Finance Minister Tendai Biti said he is in talks with Youth Development, Indigenization and Empowerment Minister Saviour Kasukuwere to develop separate ownership rules for banks operating in the country to those of mines.

His ministry is trying to agree a minimum ownership threshold for banks, where for mining companies it is 51 percent, Biti told reporters in the capital, Harare, today. The ministry is also consulting banks regarding the ownership law, Biti said.

To contact the reporter on this story: Godfrey Marawanyika in Johannesburg at gmarawanyika@bloomberg.net

To contact the editor responsible for this story: Vernon Wessels at vwessels@bloomberg.net