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Sanctions hamper ZB Financial Holdings’ pensions growth

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HARARE


ZB Financial Holdings Limited (ZBFH) says its continued listing on the United States Department of Treasury’s Office of Foreign Assets Control (OFAC)’s sanction list is constraining the group’s ability to contribute to pensions growth in the country. Zimbabwe’s sole pensions body – the National Social Security Authority (NSSA) – is one of the country’s biggest institutional investors and presently holds a significant stake in ZB Holdings. ZBFH chief executive officer Ron Mutandagayi said the Bank is owned 37 percent by NSSA which means that we are supposed to be contributing to pensions of employee persons in the country restricting that means you are affecting employed people in terms of their pensions. Mutandagayi said the US had so far maintained its sanction grip on the group despite earlier initiatives to lobby for a positive outcome. – Herald

 

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