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ZB mends relations with correspondent banks


ZB Financial Holdings has re-opened relationships with foreign correspondent banks in Europe and other financial institutions across the world, following the removal of the bank from United States sanctions list.


The United States Department of the Treasury’s Office of Foreign Assets Control (Ofac) removed ZB Holdings and its banking subsidiaries from the list of specially designated nationals in October last year.

The banking group had been on the list since 2008.

ZB Bank corporate services head, Shadowsight Chiganze said following the sanction de-listing, the financial institution has been able to resuscitate its euro, British pound, South African rand and US dollar correspondent banking accounts.

“Since our removal from the sanctions list from October last year, we have been able to re-open our relationship with correspondent banks in Europe and other parts of the globe. This has facilitated smooth flow of forex transactions in US dollar, Euro, rands and several other currencies,” Chiganze told journalists during a media cocktail held in Bulawayo on Saturday.

Ofac also removed the Industrial Development Corporation (IDC), Chemplex Corporation, Zimbabwe Fertiliser Company, three farms (Gowrie, Longwood and Mlembwe) and individuals Aeneas Chigwedere, Jocelyn Mauchaza-Chiwenga, Georgina Nkomo (John Nkomo’s widow), Abina Chapfika, Ever Chombo, Grace Charamba and the late Sabina Mugabe and the late Charles Utete from its sanctions.

ZB and IDC had noted that the embargo placed on the companies had severely undermined their operations, and also hampered the companies’ efforts to attract investors.

Chiganze added: “We are currently working on a facility with regional banks. This facility we are sure will facilitate business particularly for those that are exporting.”

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