Zimbabwe demands foreign banks hand over majority stake to locals

The Reserve Bank of Zimbabwe are set to unveil details of "punitive measures" for banks that fail to comply with a controversial law requiring foreign banks to transfer majority shareholding to local people.

In April 17, 2008, an indigenisation and empowerment law came into legislation which required all foreign companies with assets valued at $500,000 or above and operating in Zimbabwe, to arrange for 51% of their shares or interests to be owned by indigenous Zimbabweans. Under the