Zimind Launches Banking Survey

ZIMIND Publishers yesterday launched the 2009 Banks & Banking Survey magazine at a colourful ceremony in Harare.

The survey is held every year to analyse trends in the banking sector and is held in partnership with FBC Bank Ltd. This year’s event was held under the theme “Reconnecting with Banking”.

FBC deputy chief executive and Bankers Association of Zimbabwe vice-president John Mushayavanhu said there was need to address political challenges bedevilling the country.

“It remains imperative that our socio-political challenges are addressed to enable investors and other market participants to feel comfortable to participate for the greater good of the economy,” he said.

“Some emerging economies that later went through the global economic crisis are beginning to recover while Zimbabwe appears perpetually hamstrung by the politics of the day.”

Mushayavanhu said the search for credit lines from international institutions had been hampered by the continuing political wrangles.

Mushayavanhu hailed the partnership the bank has with the Zimbabwe Independent and committed FBC Bank to continuing the sponsorship next year.

Keynote speaker, the chief executive of the Industrial Development Corporation of South Africa, Geoffrey Qhena said most banks and financial institutions in Africa had survived the global financial crisis through strong leadership, vision and sustained reform undertaken by many African leaders in the financial services industry.

He revealed that Foreign Direct Investment flows into Africa reached a record US$88 billion in 2008 but had suffered a 67% decline in the first quarter of 2009.

Qhena warned that although the worst of the global economic crisis was over, a swift economic recovery was not expected.

“In the meanwhile, competitive forces scrambling for a weakened global pie will pose unprecedented threats to African business enterprises and institutions,” he said

He said there was a need to adopt well-formulated strategic decisions in such an uncertain and harsh environment.

Zimind executive chairman Trevor Ncube said one of the main reasons they held events such as the Banks & Banking Survey was because it creates a forum for networking and exploring new ideas.

Ncube commended business executives for supporting the company despite the unfavourable economic conditions.

He urged executives at the launch to rally for the removal of the Indigenisation Bill which mandates foreign investors to cede 51% shareholding to indigenous investors.

 

Kudzai Kuwaza

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