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Report: Foreign banks submitted credible empowerment plans, Zimbabwe finance minister says

Zimbabwean Finance Minister Patrick Chinamasa said April 2that foreign-owned lenders affected by the country's Indigenization andEconomic Empowerment Act have submitted credible plans on how they intend totransfer at least 51% of their shares to locals, Reuters reported the same day.

The law requires all foreign firms operating in Zimbabwe tosell a majority of their holdings to locals by March 31 or have their licenses revoked,the newswire noted.

Chinamasa said Barclays Plc, Standard Chartered Plc, and ,together with Old MutualPlc and its two banking units, submitted their indigenization plansand that they were consistent with the law.

Chinamasa's announcement came two days after Zimbabwe's youthand economic empowerment minister, Patrick Zhuwao, said that most foreign banksoperating in Zimbabwe had failed to comply with the March 31 deadline, thenewswire noted.