Sunday, December 13, 2009

German investor snaps up Zim bank

A German financial services firm, African Development Corporation (ADC), has bought a controlling stake in a small Zimbabwean bank, officials said Thursd ay.

The officials said ADC bought a 54 percent stake in Premier Finance Group Limite d for US$6 million.

Premier Finance Group Limited offers a variety of banking and other financial se rvices, but has been struggling to survive of late in a saturated market dominated by bigger transnational banks.

"We will welcome the new shareholder and consider this as significant step in en hancing the current product portfolio and service offering," bank chairman Sengi Mlambo said.

ADC chief executive Dirk Harbecke said the investment in Zimbabwe was part of wi der investment in Africa which the corporation had either made or was considering.

"ADC investment demonstrates our confidence in our local partners and the future of Premier and the prospects offered by the Zimbabwean economy," he said.

"We are looking into investing in Africa and we have already invested in Rwanda, Equatorial Guinea and South Africa and as of last year we started investing in Zimbabwe," he added.

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