WARNING: This is Version 1 of my old archive, so Photos will NOT work and many links will NOT work. But you can find articles by searching on the Titles. There is a lot of information in this archive. Use the SEARCH BAR at the top right. Prior to December 2012; I was a pro-Christian type of Conservative. I was unaware of the mass of Jewish lies in history, especially the lies regarding WW2 and Hitler. So in here you will find pro-Jewish and pro-Israel material. I was definitely WRONG about the Boeremag and Janusz Walus. They were for real.
Original Post Date: 2010-09-22 Time: 12:00:04 Posted By: News Poster
Harare – South Africa’s Nedbank, the controlling shareholder in Zimbabwe’s MBCA Bank, says its proposed takeover by HSBC will have a positive impact on operations but the group is not dependent on the transaction.
MBCA said the group is in good shape, reaffirmed by good financial performance, compelling growth prospects and strong leadership teams in both South Africa and Zimbabwe.
Meanwhile, group chief executive, Mr Mike Brown was in the country yesterday with his executive team for the first time in the history of MBCA Bank to meet local management and staff to discuss among other things, the group performance and the proposed takeover.
“The intention behind this special visit was to share with MBCA staff the latest information around key issues with the group,” MBCA communications and public relations manager Mrs Sekai Chitemerere said.
However, MBCA said the take-over is not imminent as the transaction is still going through numerous regulatory hurdles. The UK bank and Europe’s largest lender last month announced a US$8 billion bid for a 70 percent controlling stake in Nedbank South Africa.
If the transaction goes through, the global lender would gain control of MBCA through Nedbank, which is currently controlling 78 percent of the bank. After the transaction the new investors are expected to meet the country’s indigenisation regulations, which require black Zimbabwean to have a controlling stake in all foreign owned companies.
HSBC’s period of talks with Old Mutual – Nedbank’s parent company was expected to last for about six months to eight months but regulatory approvals could push the deal through to next year. South Africa’s banking regulators are said to be strict on controls on the outflow of currency to prevent capital flight. Blocking of the deal would have a negative impact on Nedbank who stand a chance to be exposed to a strong international bank. If the deal goes through it would also mean that MBCA would also be exposed to the global bank, which is what the country requires at the moment given the prevailing illiquid environment in the country.
Original Source: 
Published by the government of Zimbabwe
Original date published: 22 September 2010
Source: http://allafrica.com/stories/201009220288.html?viewall=1