AfrAsia ceases banking operations in Zimbabwe to refocus on profitable business lines
Zimbabwe has been going through an economic slowdown due to liquidity challenges and a fragile global financial environment. In a statement released today, James Benoit, CEO of ABL said: “The difficulties that ABZL was facing arose primarily from legacy issues within the bank and the difficult economic environment within the country. We have, over the past months, been working diligently to shore up liquidity and capital, in order to provide tangible and sustainable solutions to the current situation faced in Zimbabwe. Discussions with one international investor had reached an advanced stage but we were unable to get through to a conclusive agreement on satisfactory terms and conditions.”
The termination of ABZL’s banking activities in Zimbabwe will not affect in any manner whatsoever the operations, clients and commitments of ABL in Mauritius and other parts of the world. AfrAsia Bank Limited remains a financially solid institution, well capitalised with strong local and international shareholders.