ZB regains foreign accounts after removal from US sanctions

ZB regains foreign accounts after removal from US sanctions
Published: 16 May 2017 (392 Views)
ZB Financial Holdings has regained use of most of its foreign correspondent banking accounts since its removal from the US sanctions list in October last year, a senior bank official said.

The US Treasury, through its Office of Foreign Assets Control (OFAC) had imposed restrictions on the bank as part of a wider sanctions campaign against Zimbabwe. Under the sanctions ZB experienced serious problems in obtaining offshore financing or credit guarantees.

ZB chief executive officer Ron Mutandagayi told the group's shareholders at an annual general meeting that re-engagement with foreign partners had been pursued since October.

"To date, the group has been able to resuscitate its euro, British pound, South African rand and US dollar correspondent banking accounts. A number of payments have already been effected using all accounts in question," he said.

"A diaspora business strategy has been prepared and will be rolled out in the near future targeting markets in Australia, the United Kingdom, Canada and the United States."

Meanwhile, ZB recorded a profit before tax of $6,88 million in the period up to April 30, 2017. The group's total assets amounted to $406 million, a seven percent reduction from $439 million reported as at December, 31, 2016.

"This is attributed to the 15 percent reduction in deposits from $275.3 million as at December 31, 2016 to $234.3 million as at 30 April, 2017, largely as a result of the reduction in wholesale funding," he said.

Consequently Mr Mutandagayi said cash resources diminished by 31 percent from $82,2 million to $56,9 million.

Loans and advances stood at $92.9 million while those recovered through the Zimbabwe Asset Management Company totaled $2.3 million for the period up to April 30.

"This brings the group's recoveries from ZAMCO since its inception to a total of $22.7 million," he said.



- New Ziana

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Mujuru links cost Cde Chinx national hero status

by Staff reporter | 25 June 2017 | 13 Views

Confusion over police roadblocks

by Staff reporter | 25 June 2017 | 14 Views

'Mugabe must die' pastor's marriage 'on the rocks'

by Staff reporter | 25 June 2017 | 11 Views

ZAPU/ZIPRA opens fresh probe into Kezi human bones saga

by Bakidzanani Dube | 25 June 2017 | 40 Views

We must not wait for Mugabe to die

by Patson Dzamara | 25 June 2017 | 32 Views

Chapungu to challenge rogue PSL committee

by Staff reporter | 25 June 2017 | 25 Views

Zinara splashes $3 000 clothing allowances on managers

by Staff reporter | 25 June 2017 | 24 Views

Mugabe's ministers to finalise roadblocks issue

by Staff reporter | 25 June 2017 | 26 Views

'Zimbabwe repossessing farms from unproductive beneficiaries'

by Staff reporter | 25 June 2017 | 26 Views

Battle lines drawn over Zimbabwe chrome claims

by Staff reporter | 25 June 2017 | 24 Views

Chiyangwa's Zifa backyard in shambles

by Staff reporter | 25 June 2017 | 21 Views

All set for Bulawayo Arts Awards

by Staff reporter | 25 June 2017 | 23 Views

Aids Levy to fund cancer fight

by Staff reporter | 25 June 2017 | 22 Views

'Prophet Makandiwa obsessed with Prophet Magaya downfall'

by Staff reporter | 25 June 2017 | 28 Views

No need to go Pentacostal, says Catholic Church

by Desire Ncube | 25 June 2017 | 25 Views

Mnangagwa Command Agriculture bombshell

by Staff reporter | 25 June 2017 | 23 Views

Chanakira laid to rest

by Staff reporter | 25 June 2017 | 23 Views

Mugabe's rich factionalism history

by Mark Chavunduka | 25 June 2017 | 26 Views

Weakened Bosso takes on Kaindu

by Staff reporter | 25 June 2017 | 22 Views

Busi Ncube speaks on Cde Chinx, career

by Staff reporter | 25 June 2017 | 26 Views

China cancels Zimbabwe debts

by Staff reporter | 25 June 2017 | 25 Views

Joshua Nkomo's ethics of liberation

by Cetshwayo Mabhena | 25 June 2017 | 29 Views

Bulawayo Council sell houses over unpaid water bills

by Staff reporter | 25 June 2017 | 21 Views

'Zec undermining the Parliament of Zimbabwe,' says Mudenda

by Staff reporter | 25 June 2017 | 21 Views

Mujuru to reach out to little known political parties

by Staff reporter | 25 June 2017 | 21 Views

Cde Chinx to sing from the grave

by Staff reporter | 25 June 2017 | 19 Views

Low turnout for NetOne jobs in Matabeleland North

by Staff reporter | 25 June 2017 | 20 Views

Mugabe signs Competitiveness Commission Act

by Staff reporter | 25 June 2017 | 15 Views

Zimbabwean prisoners walked out of Botswana prison

by Staff reporter | 25 June 2017 | 12 Views

Misihairabwi warns Tsvangirai et al.

by Staff reporter | 25 June 2017 | 24 Views

Kasukuwere saga opens can of worms

by Staff reporter | 25 June 2017 | 12 Views

Mnangagwa survives 'special' Politburo request on him

by Staff reporter | 25 June 2017 | 13 Views

RBZ bond notes board delays raise eyebrows

by Staff reporter | 25 June 2017 | 14 Views

Mwaruwari opens up on family, parenthood

by NICOLA POPPLEWELL | 25 June 2017 | 12 Views

Tsvangirai refused to go

by Staff reporter | 25 June 2017 | 24 Views