The takeover of Barclays Bank Zimbabwe by Malawi-based First Merchant Bank has hit a new snag and is under threat from the controversial indigenization policy compelling foreign investment compelling foreign investment to cede a 51% to locals, it has been established.
Sources said that the deal which is now awaiting final regulatory approval from the RBZ is heading for a dramatic reversal after the OPC and the Indigenization ministry reached the conclusion that the acquisition was illegal.
- Zim Ind
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