ZB Bank resumes international transacting after sanctions lifting

HARARE –  ZB Financial Holdings (ZBFH) is slowly offering international business services after the bank was taken off United States sanctions last year, an official has said.

The bank was among several state-linked businesses slapped with sanctions by the US over differences between the two countries and was on the embargo for eight years.

ZBFH group chief executive Ray Mutangadayi said the bank had also re-established foreign correspondent links which had been cut and was planning to launch international money transfer operations before the end of the year.

Re-launch of its VISA Card facility was also in the pipeline. Placement of the financial institution under sanctions restricted the financial institution to offering limited services for locals only and made it impossible to access external lines of credit.

“We have signed a number of money transfer agreements and once finalised, we expect to be able to launch the money transfer operations in the third quarter of the year,” he said.

Mutangadayi said since the lifting of sanctions, the institution had successfully re-engaged correspondent banks resulting in the reactivation of its United States dollar, South African Rand, British Pound and Euro accounts.

The group is says its desire to establish regional operations in Mozambique has been halted, hit by foreign currency shortages on the local market. Meanwhile, the bank is in negotiations for lines of credit worth $35million. – New Ziana.

August 2017
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