HARARE- POSB has said 4 international respondents have expressed interest to acquire a stake in the bank, following government’s move to privatize some of its assets.
As part of its reform agenda meant to sanitize the fiscus, the government of Zimbabwe is undertaking to privatize some SOEs including POSB, a savings banks which it owns 100%.
Most of the SOEs were either loss making or underperforming, but POSB has been a rare gem having successfully restructured in line with market dynamics to become a modern banking corporation aiming for fully digitisation.
This has been achieved without compromising its core base of pensioners and older generation customers.
Rightly so the bank said part of the privitisation proceeds will be channelled towards further digitisation of the bank.
An evaluation committee has been put in place to evaluate the 4 bids within 14 days as per PRAZ regulation.
In an update at the bank’s AGM in Harare on Monday the bank said it floated a tender for a transaction advisory which was closed on the 6th of June whose purpose will be to pursue a due diligence on the bank with a view to ascertain its valuation and help in bargaining over bids.
Equity Axis News
Raynold Mhotseka is a Journalism and Media Studies student at the University of Zimbabwe. He serves as a news writer at financial research firm, Equity Axis where he is currently on attachment. He can be contacted through the following email links, email@example.com and firstname.lastname@example.org.